Finances of Public Limited Companies: 2008-09

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প্ৰকাশ কৰা তাৰিখ আগষ্ট 11, 2010

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Finances of Public Limited Companies: 2008-09

Finances of Public Limited Companies: 2008-09*

This article presents the financial performance of select 3,192 nongovernment non-financial public limited companies during the financial year 2008-09, based on their audited annual accounts. The data are presented at the aggregate level for all select companies and also for select industries. The aggregate results of the select companies in 2008-09 revealed that the global financial crisis during the year had a significant impact on the performance of the private corporate sector, especially on profitability. While the growth rates in major parameters like sales, value of production, manufacturing expenses, net worth and assets were moderated, profitability parameters like gross profits and profits after tax declined in 2008-09 in comparison to 2007-08. Borrowings, however, have increased at more or less similar pace in 2008-09 as was in 2007-08. The fall in profitability and profit allocation ratios, e.g., profit margin, return on equity and dividends to net worth is due to lower profits in 2008-09 compared to that in 2007-08. Major portion of growth in gross fixed assets during the year under review was in the form of acquiring plant and machinery. Share of external sources of funds (i.e., other than own sources), which is playing a major role in financing the asset formation and other activities since the year 2005-06, increased further as the internal sources of funds declined due to lower accretion in reserves and surplus in 2008-09.

The year 2008-09 witnessed one of the worst global financial crises in the recent period which spilled over to the real sector causing severe recessionary trend worldwide. Impact of the crisis on the Indian economy was moderate but the industrial sector suffered the most due to weak demand from both domestic and external sector. Against this backdrop, this article presents the financial performance of select 3,192 non-government nonfinancial public limited companies during 2008-09 based on their audited annual accounts closed during April 2008 to March 2009¹. The financial performance of companies covered in the study during 2008-09 clearly revealed some impact of unprecedented financial crisis experienced worldwide.

The growth rates in sales, value of production, manufacturing expenses, remuneration to employees, etc. were significantly lower in 2008-09 than in 2007-08 (Table 1 & Statement 1). The profitability parameters like gross profits and profits after tax declined in the year under study as compared to the previous year. However, total borrowing grew at more or less the same rate as in the previous year resulting in 42.7 per cent increase in the interest payments in 2008-09. The select companies’ profit margin (measured by gross profits as percentage of sales) fell, as expected, in 2008-09 on account of decline in profits (Statement 2). Retention ratio (measured by profits retained as percentage of profits after tax of companies which made profit in all the three years under study) increased, while ratio dividends to net worth decreased in the year 2008-09 as compared to that in 2007-08. External sources of funds (i.e., other than own sources), which continued to form major part in total sources of funds since 2005-06, further increased its share in 2008-09. Net worth of the select companies grew at a lower rate and gross saving decreased in 2008-09 compared to that in 2007-08. Gross saving to gross capital formation ratio and the share of gross capital formation in uses of funds decreased marginally in 2008-09.

Table 1: Growth Rates and Ratios of Select Items
(Per cent)
Item	2007-08	2008-09
Growth rates
Sales +	21.1	14.6
Value of production	21.6	13.7
Manufacturing expenses	21.4	15.4
Remuneration to employees	25.1	19.0
Gross profits	29.8	-9.8
Interest paid	32.7	42.7
Non-operating surplus/Deficit	-19.3	145.6
Profits before tax	27.3	-15.7
Tax provision	29.3	-12.4
Profits after tax	26.6	-16.7
Dividend paid	26.1	-10.6
Profits retained	26.8	-18.3
Net worth @	32.3	20.5
Gross savings	23.4	-7.3
Ratios
Debt to equity	42.8	43.6
Gross fixed assets formation
to total uses of funds	37.3	40.3
Gross capital formation
to total uses of funds	50.4	48.4
Gross profits to sales	16.0	12.6
Profits after tax to net worth	17.2	11.8
Tax provision to profits
before tax*	23.4	22.3
Profits retained to profits
after tax*	80.4	81.2
Ordinary dividends to
ordinary paid-up capital	28.8	25.4
+ Net of 'Rebates and Discounts' and 'Excise Duty and Cess'. @ Adjusted for revaluation, etc. * Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.

Income and Expenditure

The total sales of 3,192 select companies amounted to Rs.17,98,689 crore, registering significantly lower growth of 14.6 per cent in 2008-09 as against 21.1 per cent in 2007-08 (Table 1 & Statement 3). Manufacturing expenses and employees’ remuneration also grew at lower rates of 15.4 per cent and 19.0 per cent, respectively, in 2008-09 as against 21.4 per cent and 25.1 per cent, respectively, in the previous year. Interest payments, however, increased at a higher rate of 42.7 per cent in 2008-09 (32.7 per cent in 2007-08) on account of continued growth in borrowing coupled with rise in interest rate² (BPLR by major public sector banks) in the first half of 2008-09. Lower growth in sales and comparatively higher growth in major expenses in 2008-09 led to significant fall in gross profits and profits after tax by 9.8 per cent and 16.7 per cent, respectively, compared to a growth of 29.8 per cent and 26.6 per cent, respectively, in 2007-08. As a result, dividend payments and profits retained by the select companies also fell significantly by 10.6 per cent and 18.3 per cent, respectively, in 2008-09 compared to a growth of 26.1 per cent and 26.8 per cent, respectively, in the previous year. Gross savings declined by 7.3 per cent in 2008-09 as compared to a growth of 23.4 per cent in 2007-08 while gross value added grew marginally by 1.7 per cent in 2008-09 after registering a growth of 26.6 per cent in 2007-08.

Share of sales in total operating income of the select companies rose by one percentage point to 94.3 per cent and the share of ‘Change in inventory’ decreased by 0.8 percentage point to 1.6 per cent in the year under study (Table 2). In the expenditure side, the share of manufacturing expenses decreased to 69.8 per cent in 2008-09 from 71.6 per cent in 2007-08. The share of other expenses and interest expenses increased to 14.2 per cent and 3.4 per cent, respectively, in 2008-09 as compared to 13.1 per cent and 2.8 per cent in the previous year.

Table 2: Operating Income and Expenditure
(Per cent)
Income	2007-08	2008-09	Expenditure	2007-08	2008-09
Sales	93.3	94.3	Manufacturing expenses	71.6	69.8
Change in Inventory	2.4	1.6	Remuneration to employees	8.2	8.3
Other income	4.3	4.1	Interest expenses	2.8	3.4
			Other expenses	13.1	14.2
			Provision (other than tax)	4.3	4.3
Total	100.0	100.0	Total	100.0	100.0

The profit margin (gross profits as percentage of sales) of the select companies declined by 3.4 percentage points to 12.6 per cent in 2008-09 (Statement 2 & Chart 2). Return on equity (profits after tax as percentage of net worth) fell sharply from 17.2 per cent in 2007-08 and then to 11.8 per cent in 2008-09. Effective tax rate³ (tax provision as percentage of profits before tax) decreased from 23.4 per cent in 2007-08 to 22.3 per cent in 2008-09. The ordinary dividend rate (ordinary dividends as percentage of ordinary paid-up capital) declined from 28.8 per cent in 2007-08 to 25.4 per cent in 2008-09.

Earnings and Expenditure in Foreign Currencies

The total earnings in foreign currencies⁴ of the select companies grew by 18.2 per cent to Rs.4,67,034 crore in 2008-09 as against growth of 20.1 per cent in 2007-08 (Statements 1 & 6). The merchandise exports recorded an increase by 15.6 per cent in 2008-09 as compared to 19.8 per cent growth recorded in the previous year. The exports to sales ratio increased marginally to 18.5 per cent in 2008-09 from 18.3 per cent in 2007-08 (Statement 2). The total expenditure in foreign currencies (Rs.5,21,300 crore) increased by 16.2 per cent in 2008-09 compared to 27.5 per cent in 2007-08. The value of merchandise imports registered a growth of 14.1 per cent in 2008-09 as compared to 24.6 per cent in 2007-08. The imports of raw materials and capital goods accounted for 73.7 per cent (73.2 per cent in 2007-08) and 14.3 per cent (15.8 per cent in 2007-08), respectively, of the total merchandise imports in 2008-09. The net outflow in foreign currencies for the select companies amounted to Rs.54,266 crore in 2008-09 as against Rs.53,493 crore in 2007-08.

Liabilities and Assets

Total liabilities/assets of the select companies increased by 23.5 per cent to Rs.27,04,911 crore in 2008-09 (Statement 4). Total borrowings maintained strong growth of 29.0 per cent in 2008-09 similar to that in the previous year while the growth of borrowings from banks moderated to 30.0 per cent in 2008-09 compared to 37.0 per cent in 2007-08. Gross fixed assets (adjusted for revaluation) registered lower growth of 18.4 per cent in 2008-09 as against 21.1 per cent in 2007-08 (Statement 1).

The composition of capital and liabilities (Table 3 and Chart 3) in 2008-09 showed two percentage points increase in the share of borrowings in total liabilities while one percentage point decline in share of share capital along with marginal drop in share of trade dues and other current liabilities and in share of provisions. Reserves and surplus and borrowings continued to be major contributor in total liabilities having a share of 37.4 per cent and 33.1 per cent, respectively, in 2008-09. Banks increased their share as the major stakeholders in total outstanding borrowings. Debt to equity (debt as percentage of equity) ratio increased to 43.6 per cent in 2008-09 from 42.8 per cent in 2007-08 in line with increase in borrowings.

The composition of assets in 2008-09 depicted an increase in share of investments (by 1.3 percentage points to 17.1 per cent),cash and bank balances (by 0.9 percentage points to 6.7 per cent) and other assets (by 0.8 percentage point to 2.5 per cent) against decrease in share of loans and advances (by 2.1 percentage points to 23.5 per cent) and inventories (by one percentage point to 12.5 per cent) compared to those in the previous year. Net fixed assets contributed major share at 37.7 per cent in total assets followed by loans and advances at 23.5 per cent and Investments at 17.1 per cent in 2008-09. The current ratio (current assets to current liabilities) declined to 1.2 times in 2008-09 from 1.3 times in 2007-08.

Table 3: Composition of Liabilities and Assets
(Per cent)
Capital and Liabilities		2007-08	2008-09	Assets		2007-08	2008-09
1.	Share capital	6.1	5.1	1.	Gross fixed assets	54.4	53.4
2.	Reserves and surplus	37.1	37.4	2.	Depreciation	16.8	15.7
	of which, Capital reserve	14.8	14.6	3.	Net fixed assets	37.6	37.7
3.	Borrowings	31.1	33.1	4.	Inventories	13.5	12.5
	of which, From banks	19.3	21.0	5.	Loans and advances and other debtor balances	25.6	23.5
4.	Trade dues and other current liabilities	21.2	20.8	6.	Investments	15.8	17.1
	of which, Sundry creditors	11.6	11.0	7.	Advance of income-tax	—	—
5.	Provisions	4.4	3.6	8.	Other assets	1.7	2.5
6.	Miscellaneous non-currentliabilities	—	—	9.	Cash and bank balances	5.8	6.7
Total		100.0	100.0	Total		100.0	100.0
— Nil or negligible.

Sources and Uses of Funds

An analysis of sources and uses of funds revealed that accretion to assets by the select companies amounted to Rs.5,44,251 crore in 2008-09, which was lower by 1.5 per cent over that in the previous year (Statement 5). The external sources of funds, which continued to play a major role in funding since 2005-06, increased their share in total sources of funds further to 68.4 per cent in 2008-09 from 64.5 per cent in 2007-08 (Table 4 and Chart 4). Accordingly, the share of internal sources of funds moved down to 31.6 per cent in 2008-09 from 35.5 per cent in previous year mainly on account of lower accretion in reserves and surplus reflecting lower profits. Among external sources of funds, share of paid-up capital and trade dues and other current liabilities in total sources of funds declined by 3.4 and 1.4 percentage points, respectively, while the share of borrowing increased significantly by 8.7 percentage points in the year 2008-09. Borrowings continued to be the leading source of funds during 2008-09 (36.3 per cent) followed by Reserves & surplus (21.3 per cent). Borrowings from banks by select companies contributed to 23.4 per cent in total sources of funds (Rs.1,27,163 crore in absolute terms) in 2008-09 as compared to 20.7 per cent in the previous year. Borrowings through debentures jumped significantly to Rs.27,645 crore contributing 5.1 per cent of total sources of funds during 2008-09 against mere Rs.3,311 crore (less than one per cent share) in 2007-08. Borrowings from foreign institutional agencies declined to Rs.14,811 crore in 2008-09 from Rs.16,647 crore in 2007-08.

Table 4 : Composition of Sources and Uses of funds
(Per cent)
Sources of funds	2007-08	2008-09	Uses of funds		2007-08	2008-09
Internal sources (Own Sources)	35.5	31.6	1.	Gross Fixed Assets	37.3	40.3
1. Paid-up Capital	0.4	0.1		of which, i) Buildings	3.1	3.7
2. Reserves and Surplus	23.1	21.3		ii) Plant and Machinery	17.8	26.4
3. Provisions	12.0	10.2	2.	Inventories	13.1	8.1
of which, Depreciation Provision	8.2	10.2		of which, i) Raw Materials etc.	3.6	0.7
External Sources (Other than Own Sources)	64.5	68.4		ii) Finished Goods	2.6	1.0
4. Paid-up Capital*	17.8	14.4	3.	Loans and Advances and Other Debtor Balances	26.9	13.7
of which, Premium on Shares	15.1	12.8	4.	Investments	21.6	23.1
5. Borrowings	27.6	36.3	5.	Other Assets	1.3	4.7
of which, i) Debentures	0.6	5.1	6.	Cash and Bank Balances	-0.2	10.1
ii) Loans and Advances	25.6	30.3
of which, from Banks	20.7	23.4
6. Trade Dues and Other Current Liabilities	19.1	17.7
Total	100.0	100.0	Total		100.0	100.0
* Includes capital receipts.

The composition of uses of funds displayed significant increase in shares of cash and bank balances (10.1 per cent), other assets (4.7 per cent) and gross fixed assets (40.3 per cent) coupled with sharp decline in shares of loans and advances and other debtor balances (13.7 per cent) and inventories (8.1 per cent) in 2008-09 compared to those in 2007-08. In gross fixed assets formation during the year, more funds were used to acquire plants and machinery (26.4 per cent of total funds against 17.8 per cent in the previous year) while less funds were used in capital work-in-progress (6.4 per cent against 13.2 per cent in the previous year). Gross savings to gross capital formation ratio during 2008-09 declined to 67.3 per cent as against 68.6 per cent during 2007-08.

Performance of Companies by Size of Sales

It is observed that in the year 2008-09, smaller companies (sales volume less than Rs.100 crore each) recorded decline in sales whereas bigger companies (sales volume more than Rs.100 crore each) recorded positive growth in sales though at moderated rate (Table 5 and Statement 7). Sales growth was maximum at 16.4 per cent in the sales size group ‘Rs.1000 crore and above’ in 2008-09, while companies in the smallest sales size group ‘Less than Rs.25 crore’ were worst hit and recorded a decline in sales by 14.2 per cent. Consequently, gross profits of the smallest sales size companies declined by 90.4 per cent over the previous year. Companies in all other sales size groups also displayed decline in their gross profits in the year under study. Total net assets were observed to grow at lower rates in 2008-09 in all size classes.

Profit margins fell in 2008-09 across all sales size groups but they were comparatively higher for the larger companies (Table 5 and Statement 8). Companies with sales ‘Rs.1000 crore and above’ reported the highest profit margin of 13.4 per cent, whereas the lowest profit margin of 1.2 per cent was registered by companies in sales range ‘Less than Rs.25 crore‘. Debt to equity was the lowest, at 30.0 per cent, for the smallest sales size companies i.e. ‘Less than Rs.25 crore’ while companies in ‘Rs.500 crore to Rs.1000 crore’ sales range recorded the highest at 56.5 per cent in 2008-09. Effective tax rate⁵ (ratio of tax provision to profits before tax) ranged between 21.5 per cent for the largest sales size group ‘Rs.1000 crore and above’ and 27.1 per cent for the sales size group ‘Rs.500 crore to Rs.1000 crore’.

Table 5: Performance of Companies by Size of Sales
(Per cent)
A. Growth Rates of Select Items
Sales size group	Number of companies		Sales		Gross profits		Total net assets
Sales size group	Number of companies		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
Less than Rs.25 crore	808		-0.8	-14.2	23.1	-90.4	20.4	4.9
Rs.25 crore - Rs.50 crore	381		13.5	-1.8	23.3	-38.3	22.8	9.9
Rs.50 crore - Rs.100 crore	435		15.7	-3.6	19.5	-35.3	21.5	9.0
Rs.100 crore - Rs.500 crore	936		18.8	12.9	24.5	-5.6	26.3	13.7
Rs.500 crore - Rs.1000 crore	282		24.0	11.4	27.9	-9.6	29.5	18.8
Rs.1000 crore and above	350		21.5	16.4	31.1	-9.2	32.1	25.5
B. Select Financial Ratios
Sales size group	Gross profits to Sales			Debt to Equity			Tax provision to Profits before tax*
Sales size group	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
Less than Rs.25 crore	8.6	10.7	1.2	45.1	28.9	30.0	20.7	20.5	22.5
Rs.25 crore - Rs.50 crore	9.4	10.2	6.4	65.6	53.2	54.4	20.4	18.9	24.9
Rs.50 crore - Rs.100 crore	12.5	12.9	8.7	64.2	51.9	45.2	23.1	21.7	24.2
Rs.100 crore - Rs.500 crore	12.2	12.8	9.7	59.7	53.0	56.0	22.6	23.4	24.3
Rs.500 crore - Rs.1000 crore	13.0	13.4	10.9	51.6	49.8	56.5	23.6	25.7	27.1
Rs.1000 crore and above	15.9	17.1	13.4	43.3	39.8	39.9	23.3	23.3	21.5

Performance of Companies by Size of Paid-up Capital

When grouped according to size of their paid-up capital (PUC), it was observed that growth rate in sales was lower in 2008-09 than in the previous year for all PUC size classes (Table 6 and Statement 9). It was the lowest at 9.5 per cent in PUC size class ‘Rs.2 crore – Rs.5 crore’ and the highest at 19.4 per cent for companies in PUC size ‘Rs.25 crore – Rs.50 crore’. Barring those in PUC size group ‘Rs.1 crore – Rs.2 crore’, smaller companies having PUC upto Rs.10 crore (viz. in PUC size groups ‘Less than Rs.1 crore’, ‘Rs.2 crore – Rs.5 crore’ and ‘Rs.5 crore – Rs.10 crore’) were able to increase gross profits in 2008-09 over that in 2007-08. Companies in PUC size class of ‘Rs.100 crore and above’ recorded the highest growth in total net assets at 25.3 per cent whereas companies in PUC size class of ‘Rs.1 crore – Rs.2 crore’ recorded the lowest growth at 4.7 per cent in 2008-09.

Profit margin reduced in 2008-09 as compared to that in the previous year in all PUC size classes except for those with PUC ‘Less than Rs.1 crore’ (Statement 10). Companies in the highest PUC size class ‘Rs.100 crore and above’ registered the highest profit margin of 15.3 per cent, whereas, the lowest profit margin of 7.7 per cent was registered by companies in PUC size class of ‘Rs.2 crore - Rs.5 crore’ in 2008-09. Debt to equity ratio increased in 2008-09 as compared to that in 2007-08 for companies in the PUC size classes ‘Rs.10 crore - Rs.25 crore’, ‘Rs.25 crore - Rs.50 crore’ and ‘Rs.50 crore - Rs.100 crore’. Highest debt to equity ratio in 2008-09 was at 57.9 per cent in the PUC range of ‘Rs.50 crore - Rs.100 crore’ whereas the lowest was at 24.8 per cent in the PUC range of ‘Rs.1 crore - Rs.2 crore’. The PUC size companies in ‘Rs.1 crore - Rs.2 crore’ recorded the highest effective tax rate⁶ at 34.8 per cent while the largest companies in ‘Rs.100 crore and above’ recorded the lowest rate at 19.4 per cent in 2008-09.

Table 6 : Performance of Companies by Size of Paid-up Capital
(Per cent)
A. Growth Rates of Select Items
PUC Size Group	Number of Companies		Sales		Gross Profits		Total Net Assets
PUC Size Group	Number of Companies		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
Less than Rs.1 crore	163		15.4	11.0	5.2	18.5	18.0	10.9
Rs.1 crore - Rs.2 crore	167		22.1	15.7	39.1	-25.7	20.2	4.7
Rs.2 crore - Rs.5 crore	508		13.0	9.5	28.7	2.4	15.7	8.7
Rs.5 crore - Rs.10 crore	601		19.2	13.0	21.9	3.8	24.5	11.9
Rs.10 crore - Rs.25 crore	871		22.4	14.8	28.8	-0.7	26.7	17.4
Rs.25 crore - Rs.50 crore	451		24.3	19.4	31.1	-10.0	29.3	20.2
Rs.50 crore - Rs.100 crore	225		22.2	17.0	22.5	-6.6	27.3	22.5
Rs.100 crore and above	206		20.0	12.6	32.0	-13.5	33.4	25.3
B. Select Financial Ratios
PUC Size Group	Gross Profits to Sales			Debt to Equity			Tax Provision to Profits before Tax*
PUC Size Group	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
Less than Rs.1 crore	8.0	7.3	7.8	43.1	43.9	38.0	31.2	33.6	34.6
Rs.1 crore - Rs.2 crore	11.4	13.0	8.3	29.3	25.3	24.8	31.5	29.3	34.8
Rs.2 crore - Rs.5 crore	7.2	8.2	7.7	46.5	49.5	45.1	26.9	31.7	32.1
Rs.5 crore - Rs.10 crore	10.0	10.2	9.4	42.4	38.7	37.4	27.3	26.6	28.5
Rs.10 crore - Rs.25 crore	12.0	12.6	10.9	54.4	46.4	50.9	24.8	25.0	25.3
Rs.25 crore - Rs.50 crore	12.2	12.8	10.9	49.4	47.5	52.8	24.2	24.7	25.2
Rs.50 crore - Rs.100 crore	14.6	14.6	11.7	52.6	49.3	57.9	26.1	28.2	27.1
Rs.100 crore and above	18.1	20.0	15.3	44.1	39.7	37.8	21.6	21.3	19.4
* Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.

Industry-wise Performance

Performance of selected companies in different industry groups revealed the diverse impact of global financial crisis during the year 2008-09. In all the select industry groups (Table 7 and Statement 11), growth rate in sales in 2008-09 was lower than that in 2007-08, ‘Chemical Fertilisers and Pesticides’ and ‘Sugar’ industries, being the exception. These two industries registered 44.6 per cent and 10.3 per cent growth in sales, respectively, in 2008-09 as compared to 9.0 per cent and (-)6.6 per cent growth respectively in 2007-08. The companies in ‘Real Estate’ sector recorded negative growth in sales by (-)40.9 per cent in 2008-09 in contrast with the highest growth of 82.2 per cent recorded in 2007-08. Other industries whose sales growth suffered during 2008-09 include ‘Construction’, ‘Machinery and Machine Tools’ and ‘Electrical Machinery and apparatus’. While gross profits of select companies, at the aggregate level, declined by 9.8 per cent in 2008-09, the companies in ‘Sugar’, ‘Chemical Fertilisers and Pesticides’, ‘Computer and Related Activities’, ‘Mining and Quarrying’, ‘Construction’, and ‘Man-made Textiles’ industries were able to post positive growth in gross profits. In contrast, companies in ‘Real Estate’ sector recorded the highest fall in gross profits by (-)28.2 per cent in 2008- 09. Industries which recorded significant growth in bank borrowings are ‘Mining and Quarrying’, ‘Motor Vehicles and Other Transport Equipments’, ‘Iron and Steel’, ‘Construction’ and ‘Electrical Machinery and Apparatus’. Profit margin (measured as gross profits to sales), as expected, declined across all industries with the exceptions being ‘Sugar’ and ‘Real Estate’ industries which increased the profit margin from 3.2 per cent and 51.7 per cent, respectively, in 2007-08 to 10.9 per cent and 62.7 per cent respectively in 2008-09. Profit margin of the companies in ‘Cotton Textiles’ and ‘Man-made Textiles’ industries remained the lowest (between 4.7 per cent and 8.9 per cent) during the threeyear period 2006-07 to 2008-09. Companies in ‘Pharmaceutical and Medicines’ and ‘Motor Vehicles and Other Transport Equipments’ industries also displayed continuous decline in profit margin. Debt to equity ratio (expressed in per cent) continued to be comparatively higher (above 60.0 per cent) in ‘Man-made Textiles’, ‘Cotton Textiles’, ‘Sugar’, ‘Plastic Products’, ‘Iron and Steel’, ‘Real Estate’ and ‘Cement and Cement Products’ industries, while it was observed to be lower (below 30.0 per cent) in ‘Computer and Related Activities’, ‘Machinery and Machine Tools’ and ‘Electrical Machinery and Apparatus’ industries. Effective tax rate ⁷(measured as tax provision to profits before tax) is lower for the ‘Transport, Storage and Communications’ (12.0 per cent) and ‘Cotton Textiles’(12.7 per cent) industries and it is higher for the ‘Machinery and Machine Tools’ (33.6 per cent), ‘Chemical Fertilizers and Pesticides’ (33.4 per cent) and ‘Electrical Machinery and Apparatus’ (33.2 per cent) industries.

Table 7: Industry-wise Performance
(Per cent)
A. Growth Rates of Select Items
Select Industry Group	Number of companies		Sales		Gross Profits		Bank Borrowings
Select Industry Group	Number of companies		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
Mining and Quarrying	50		27.8	22.7	65.9	5.2	37.4	68.1
Food Products and Beverages	241		20.2	19.1	-6.9	26.3	42.3	27.6
of which: Sugar	40		-6.6	10.3	-80.0	274.9	84.7	30.1
Cotton Textiles	99		15.8	7.2	-11.8	-25.1	27.2	13.7
Man-made Textiles	54		18.8	17.9	50.2	3.2	50.3	12.2
Chemicals and Chemical Products	385		13.1	20.0	14.7	-6.0	22.8	27.6
of which: Chemical Fertilizers and Pesticides	43		9.0	44.6	17.8	17.7	14.0	22.8
Pharmaceuticals and Medicines	107		15.5	14.9	11.8	-9.2	35.5	33.8
Plastic Products	73		24.0	15.7	47.2	-1.8	36.9	22.5
Cement and Cement Products	53		18.1	16.0	30.1	-4.1	45.7	34.0
Iron and Steel	97		22.9	15.9	29.5	-16.7	44.7	56.7
Machinery and Machine Tools	207		20.3	7.9	17.5	-6.4	37.7	7.2
Electrical Machinery and Apparatus	123		28.6	12.1	42.4	-24.9	24.6	54.4
Motor vehicles and Other Transport Equipments	107		11.1	7.1	2.9	-27.8	45.5	62.0
Construction	90		55.5	29.2	65.6	3.7	45.9	56.4
Transport, Storage and Communications	120		29.2	19.4	76.0	-18.5	52.5	25.5
Real Estate	51		82.2	-40.9	94.9	-28.2	46.7	17.3
Computer and Related Activities	141		27.3	23.8	25.8	11.3	157.0	44.3
All industries	3192		21.1	14.6	29.8	-9.8	37.0	30.0
B. Select Financial Ratios
Select Industry Group	Gross Profits to Sales			Debt to Equity			Tax Provision to Profits Before Tax*
Select Industry Group	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
Mining and Quarrying	26.6	34.6	29.7	50.6	46.1	54.3	28.9	30.9	29.6
Food Products and Beverages	8.1	6.3	6.6	60.0	60.3	60.4	27.1	30.1	29.8
of which: Sugar	15.0	3.2	10.9	84.8	119.2	114.7	19.5	16.7	16.7
Cotton Textiles	8.9	6.7	4.7	124.0	147.7	162.0	19.5	18.9	12.7
Man-made Textiles	6.9	8.8	7.7	129.0	163.7	188.0	17.1	22.7	20.9
Chemicals and Chemical Products	14.5	14.7	11.6	45.6	36.6	41.1	22.9	23.9	25.3
of which: Chemical Fertilizers and Pesticides	11.0	11.9	9.7	53.1	33.8	39.0	28.8	29.4	33.4
Pharmaceuticals and Medicines	21.1	20.4	16.1	33.8	28.0	30.5	18.9	19.7	20.4
Plastic Products	10.4	12.3	10.5	104.9	80.9	87.4	20.6	21.0	19.0
Cement and Cement Products	25.5	28.1	23.3	74.2	61.0	61.6	27.0	28.1	25.3
Iron and Steel	17.9	18.9	13.6	101.3	81.2	85.0	28.3	25.7	27.0
Machinery and Machine Tools	12.3	12.0	10.4	21.5	23.3	19.2	30.9	32.1	33.6
Electrical Machinery and Apparatus	13.2	14.6	9.8	23.8	24.8	27.3	29.6	31.7	33.2
Motor vehicles and Other Transport Equipments	10.6	9.8	6.6	33.4	35.6	41.0	29.3	25.8	24.5
Construction	12.5	13.3	10.7	49.3	36.6	44.5	28.0	27.5	26.7
Transport, Storage and Communications	13.3	18.1	12.3	57.5	57.2	52.7	11.7	15.1	12.0
Real Estate	48.3	51.7	62.7	125.2	60.0	63.8	24.2	20.9	16.6
Computer and Related Activities	24.4	24.1	21.7	5.8	11.2	12.6	13.7	19.2	18.1
All industries	14.9	16.0	12.6	47.0	42.8	43.6	23.2	23.4	22.3
* Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.

Conclusion

The findings of the study confirm that the impact of the unprecedented financial crisis worldwide during 2008-09 on overall performance of the Indian private corporate sector was moderate, though severity varied from industry to industry.

The growth in major parameters of income and expenditure decelerated due to weak demand albeit staying positive. More impact was noticed in terms of reduction in profits, which, in turn, resulted in reduction in gross saving in comparison to the previous year. However, the overall borrowing as well as borrowing from banks continued to grow strongly. Share of funds used for gross fixed assets formation also increased compared to the previous year and major part of this was used for acquiring plant and machinery. However, significant rise was seen in cash and bank balances maintained by the select companies.

Statement 1 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, 2007-08 and 2008-09
(Per cent)
Item		2007-08	2008-09
1		2	3
1.	Sales +	21.1	14.6
2.	Value of production	21.6	13.7
3.	Total Income	22.6	13.9
4.	Manufacturing expenses	21.4	15.4
5.	Remuneration to employees	25.1	19.0
6.	Depreciation provision	17.0	15.8
7.	Gross profits	29.8	-9.8
8.	Interest	32.7	42.7
9.	Operating profits	29.3	-20.0
10.	Non-operating surplus/deficit	-19.3	145.6
11.	Profits before tax	27.3	-15.7
12.	Tax provision	29.3	-12.4
13.	Profits after tax	26.6	-16.7
14.	Dividend paid	26.1	-10.6
15.	Profits retained	26.8	-18.3
16.	Gross saving	23.4	-7.3
17.	(a) Gross value added	26.6	1.7
	(b) Net value added	28.4	-0.7
18.	Net worth @	32.3	20.5
19.	Total borrowings @	28.9	29.0
	of which, from banks @	37.0	30.0
20.	Trade dues and other current liabilities @	29.3	20.8
21.	(a) Gross fixed assets @	21.1	18.4
	(b) Net fixed assets @	24.4	19.9
22.	Inventories @	32.5	14.8
23.	(a) Gross physical assets @	23.2	17.7
	(b) Net physical assets @	26.5	18.6
24.	(a) Total gross assets @	27.8	21.3
	(b) Total net assets @	30.4	22.3
25.	Total earnings in foreign currencies	20.1	18.2
	of which, Exports	19.8	15.6
26.	Total expenditure in foreign currencies	27.5	16.2
	of which, Imports	24.6	14.1
+ Net of ‘Rebates and discounts’ and ‘excise duty and cess’ @ Adjusted for revaluation, etc. Note: Rates of growth of all items are adjusted for changes due to amalgamation of companies.

Statement 2 : Select Financial Ratios of the Select 3,192 Public Limited Companies, 2006-07 to 2008-09
(Per cent)
Select financial ratios		2006-07	2007-08	2008-09
1		2	3	4
A.	Capital structure ratios
	1. Net fixed assets to net total assets	39.5	37.6	37.7
	2. Net worth to net total assets	42.3	43.3	42.5
	3. Debt to equity	47.0	42.8	43.6
	4. Debt to equity (equity adjusted for revaluation reserve)	48.7	44.0	45.1
	5. Short-term bank borrowings to inventories	69.5	76.7	95.7
	6. Total outside liabilities to net worth	136.4	131.0	135.0
B.	Liquidity ratios
	7. Current assets to current liabilities *	1.3	1.3	1.2
	8. Quick assets to current liabilities	57.3	52.7	49.4
	9. Current assets to net total assets	48.0	47.9	44.9
	10. Sundry creditors to current assets	25.6	24.3	24.5
	11. Sundry creditors to net working capital	115.3	114.8	175.2
C.	Assets utilisation and turnover ratios
	12. Sales to net total assets	77.6	71.6	66.5
	13. Sales to gross fixed assets	132.7	131.7	124.4
	14. Inventories to sales	17.2	18.8	18.8
	15. Sundry debtors to sales	14.8	15.5	15.4
	16. Exports to sales	18.5	18.3	18.5
	17. Gross value added to gross fixed assets	34.2	35.5	29.7
	18. Raw materials consumed to value of production	51.6	51.0	51.3
D.	Sources and uses of funds ratios @
	19. Gross fixed assets formation to total uses of funds		37.3	40.3
	20. Gross capital formation to total uses of funds		50.4	48.4
	21. External sources of funds to total sources of funds		64.5	68.4
	22. Increase in bank borrowings to total external sources		32.0	34.1
	23. Gross savings to gross capital formation		68.6	67.3
E.	Profitability and profit allocation ratios
	24. Gross profits to net total assets	11.6	11.5	8.4
	25. Gross profits to sales	14.9	16.0	12.6
	26. Profits after tax to net worth	18.2	17.2	11.8
	27. Tax provision to profits before tax**	23.2	23.4	22.3
	28. Profits retained to profits after tax**	80.4	80.4	81.2
	29. Dividends to net worth	3.8	3.5	2.6
	30. Ordinary dividends to ordinary paid-up capital	24.6	28.8	25.4
@ Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc. * Item B.7 is the actual ratio of current assets to current liabilities. ** Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.

Statement 3 : Combined Income, Value of Production, Expenditure and Appropriation Accounts of the Select 3,192 Public Limited Companies, 2006-07 to 2008-09
(Rs. crore)
Item	2006-07	2007-08	2008-09
1	2	3	4
Income and Value of Production
1. Sales +	12,95,680	15,69,140	17,98,689
2. Increase(+) or decrease(-) in value of stock
of finished goods and work in progress	28,013	40,528	30,932
3. Value of production (1+2)	13,23,694	16,09,668	18,29,621
4. Other income	45,551	71,941	77,830
of which,
(a) Dividends	4,935	6,268	7,309
(b) Interest	8,791	13,253	19,070
(c) Rent	1,495	1,114	1,308
5. Non-operating surplus(+)/deficit(-)	7,009	5,653	13,885
6. Total (3+4+5)	13,76,254	16,87,263	19,21,336
Expenditure and Appropriations
7. Raw materials, components, etc., consumed	6,82,778	8,21,707	9,37,914
8. Stores and spares consumed	35,712	43,292	49,754
9. Power and fuel	59,142	68,027	89,697
10. Other manufacturing expenses	89,185	1,19,714	1,37,553
11. Salaries, wages and bonus	79,710	1,00,513	1,20,722
12. Provident fund	5,131	6,067	7,055
13. Employees’ welfare expenses	8,170	9,796	10,766
14. Managerial remuneration	3,124	4,659	4,873
15. Royalty	3,912	4,248	4,751
16. Repairs to buildings	2,034	2,202	2,379
17. Repairs to machinery	10,040	12,041	13,300
18. Bad debts	3,487	4,313	5,922
19. Selling commission	15,942	17,693	19,660
20. Rent	6,902	9,533	16,255
21. Rates and taxes	3,832	4,649	4,802
22. Advertisement	13,508	16,248	17,939
23. Insurance	3,318	3,205	3,174
24. Research and development	4,608	5,378	6,552
25. Other expenses	92,026	1,13,744	1,52,689
26. Depreciation provision	52,592	61,507	71,225
27. Other provisions
(other than tax and depreciation)	855	2,205	4,189
28. Gross profits	1,93,235	2,50,867	2,26,280
29. Less: Interest	30,737	40,788	58,216
30. Operating profits	1,62,498	2,10,078	1,68,064
31. Non-operating surplus(+)/deficit(-)	7,009	5,653	13,885
32. Profits before tax	1,69,507	2,15,732	1,81,949
33. Less: Tax provision	40,766	52,710	46,190
34. Profits after tax	1,28,741	1,63,022	1,35,759
35. Dividends	26,524	33,448	29,888
(a) Ordinary	26,209	33,186	29,519
(b) Preference	315	262	369
36. Profits retained	1,02,196	1,29,558	1,05,852
37.Total (7 to 28 + 31)	13,76,254	16,87,263	19,21,336
+ Net of ‘rebates and discounts’ and ‘excise duty and cess’.

Statement 4 : Combined Balance Sheet of the Select 3,192 Public Limited Companies, 2006-07 to 2008-09
(Rs. crore)
Capital and Liabilities		2006-07	2007-08	2008-09
1		2	3	4
A.	Share capital	1,19,058	1,34,619	1,38,188
	1. Paid-up capital	1,18,960	1,34,517	1,38,077
	(a) Ordinary	1,06,659	1,15,259	1,16,303
	of which, bonus	13,680	15,730	16,381
	(b) Preference	12,301	19,258	21,773
	2. Forfeited shares	98	102	111
B.	Reserves and surplus	5,86,756	8,13,585	10,12,607
	3. Capital reserve	2,40,597	3,25,178	3,94,449
	of which, premium on shares	2,02,550	2,83,416	3,37,716
	4. Investment allowance reserve	408	230	266
	5. Sinking funds	7,305	7,963	10,861
	6. Other reserves	3,38,446	4,80,214	6,07,030
C.	Borrowings	5,27,503	6,80,177	8,94,697
	7. Debentures @	35,616	38,926	66,571
	8. Loans and advances	4,77,183	6,19,038	8,00,886
	(a) From banks	3,08,952	4,23,297	5,67,574
	of which, short-term borrowings	1,54,851	2,26,283	3,24,386
	(b) From other Indian financial institutions	40,158	43,140	41,980
	(c) From foreign institutional agencies	77,349	93,996	1,08,785
	(d) From Government and
	semi-Government bodies	7,072	7,040	7,377
	(e) From companies	19,514	22,585	35,011
	(f) From others	24,139	28,980	40,160
	9. Deferred payments	10,537	18,095	20,707
	10. Public deposits	4,167	4,117	6,533
	of total borrowings, debt	3,32,059	4,06,024	5,01,304
D.	Trade dues and other current liabilities	3,59,693	4,65,164	5,62,472
	11. Sundry creditors	2,04,708	2,54,771	2,97,897
	12. Acceptances	17,800	24,300	32,977
	13. Liabilities to companies	1,095	2,785	5,831
	14. Advances/deposits from
	customers, agents, etc.	81,531	1,13,422	1,40,807
	15. Interest accrued on loans	8,663	9,060	12,047
	16. Others	45,895	60,826	72,914
E.	Provisions	75,684	96,898	96,775
	17. Taxation (net of advance of income-tax)	32,712	39,544	35,454
	18. Dividends	15,344	25,750	22,671
	19. Other current provisions	19,526	22,487	29,704
	20. Non-current provisions	8,101	9,117	8,946
F.	21. Miscellaneous non-current liabilities		—	173
	22. TOTAL	16,68,694	21,90,443	27,04,911
@ Include privately placed debentures. — Nil or negligible.

Statement 4: Combined Balance Sheet of the Select 3,192 Public Limited Companies, 2006-07 to 2008-09 (Concld.)
(Rs. crore)
Assets	2006-07	2007-08	2008-09
1	2	3	4
G. Gross fixed assets	9,76,281	11,91,022	14,45,595
23. Land	34,851	45,601	56,033
24. Buildings	93,512	1,10,758	1,31,741
25. Plant and machinery	6,78,784	7,80,728	9,38,967
26. Capital work-in-progress	1,03,482	1,76,555	2,28,765
27. Furniture, fixtures and office equipments	24,964	28,238	33,932
28. Others	40,688	49,141	56,158
H. 29. Depreciation	3,17,838	3,66,906	4,25,418
I. 30. Net fixed assets	6,58,443	8,24,115	10,20,177
J. Inventories	2,22,789	2,95,153	3,39,013
31. Raw materials, components, etc.	64,582	84,512	88,468
32. Finished goods	56,572	70,793	76,341
33. Work-in-progress	63,828	89,347	1,13,204
34. Stores and spares	18,897	23,086	28,159
35. Others	18,910	27,415	32,841
K. Loans and advances and other debtor balances	4,12,397	5,61,342	6,36,140
36. Sundry debtors	1,91,526	2,43,023	2,77,462
37. Loans and advances	1,73,197	2,54,962	2,75,033
(a) To subsidiaries and companies under
the same management	55,285	78,681	1,03,634
(b) Others	1,17,912	1,76,280	1,71,400
38. Interest accrued on loans and advances	3,140	4,801	6,081
39. Deposits/balances with Government/others	28,726	34,782	47,673
40. Others	15,809	23,775	29,891
L. Investments	2,17,346	3,45,136	4,63,770
of which, quoted investments	36,951	65,469	56,590
41. Foreign	11,858	29,119	40,396
42. Indian	2,05,488	3,16,018	4,23,375
(a) Government/semi-Government Securities	808	1,693	3,124
(b) Securities of Financial Institutions	67,971	1,05,162	95,408
(c) Industrial securities	32,852	46,202	54,554
(d) Shares and debentures of subsidiaries	97,799	1,52,098	2,57,043
(e) Others	6,057	10,863	13,246
M. 43. Advance of income-tax
(net of tax provision)	–	–	–
N. Other assets	29,626	37,560	63,853
44. Immovable property	4,606	5,146	6,933
45. Intangible assets	24,998	32,317	55,487
46. Miscellaneous non-current assets	22	98	1,433
O. Cash and bank balances	1,28,092	1,27,136	1,81,958
47. Fixed deposits with banks	92,375	91,570	1,42,947
48. Other bank balances	30,359	30,845	33,555
49. Cash in hand	5,358	4,720	5,456
50.TOTAL (I to O)	16,68,694	21,90,443	27,04,911

Statement 5: Sources and Uses of Funds of the Select 3,192 Public Limited Companies, 2007-08 and 2008-09
(Rs. crore)
Sources of funds	2007-08	2008-09
1	2	3
Internal Sources	1,96,105	1,71,858
A. 1. Paid-up capital	2,162	679
B. Reserves and Surplus	1,27,361	1,15,907
2. Capital reserve	-4,267	-20,207
3. Investment allowance reserve	-178	36
4. Sinking funds	653	2,898
5. Other reserves	1,31,152	1,33,181
C. Provisions	66,582	55,272
6. Depreciation	45,368	55,395
7. Taxation (net of advance of income tax)	6,832	-4,090
8. Dividends	10,406	-3,079
9. Other current provisions	2,961	7,217
10. Non-current provisions	1,015	-171
External Sources	3,56,403	3,72,393
D. Paid-up capital	98,023	76,905
11. Net issues	14,502	7,217
12. Premium on shares	83,521	69,688
E. 13. Capital receipts	504	1,290
F. Borrowings	1,52,488	1,97,438
14. Debentures	3,311	27,645
15. Loans and advances	1,41,669	1,64,766
(a) From banks	1,14,210	1,27,163
(b) From other Indian financial institutions	2,982	-1,160
(c) From foreign institutional agencies	16,647	14,811
(d) From Government and semi-Government bodies	-32	338
(e) From companies	3,021	12,435
(f) From others	4,841	11,180
16. Deferred payments	7,559	2,612
17. Public deposits	-50	2,415
G. Trade dues and other current liabilities	1,05,388	96,588
18. Sundry creditors	49,982	42,736
19. Acceptances	6,500	8,678
20. Liabilities to companies	1,690	3,032
21. Advances/deposits from customers, agents, etc.	31,890	27,074
22. Interest accruded on loans	397	2,986
23. Others	14,929	12,082
H. 24. Miscellaneous non-current liabilities	–	173
25. TOTAL	5,52,508	5,44,251
Note: This statement is derived from Statement 4. Figures have been adjusted for the changes consequent on amalgamation of companies and for revaluation, etc., wherever necessary. — Nil or negligible.

Statement 5 : Sources and Uses of Funds of the Select 3,192 Public Limited Companies, 2007-08 and 2008-09 (Concld.)
(Rs. crore)
Uses of funds	2007-08	2008-09
1	2	3
I. Gross fixed assets	2.06,208	2,19,358
26. Land	6,686	7,089
27. Buildings	16,923	20,161
28. Plant and machinery	98,328	1,43,946
29. Capital work-in-progress	73,071	35,016
30. Furniture, fixtures and office equipments	3,276	5,647
31. Others	7,924	7,498
J. Inventories	72,321	43,796
32. Raw materials, components, etc.	19,899	3,909
33. Finished goods	14,201	5,544
34. Work-in-progress	25,513	23,844
35. Stores and spares	4,202	5,073
36. Others	8,505	5,425
K. Loans and advances and other debtor balances	1,48,670	74,604
37. Sundry debtors	51,387	34,181
38. Loans and advances	81,771	19,964
a) To subsidiaries and companies under the same management	23,407	24,822
b) Others	58,365	-4,858
39. Interest accrued on loans and advances	1,661	1,280
40. Deposits/balances with Government/others	6,055	12,892
41. Others	7,795	6,287
L. 42. Investments	1,19,171	1,25,921
M. 43. Other assets	7,125	25,742
N. 44. Cash and bank balances	-986	54,832
45. TOTAL	5,52,508	5,44,251

Statement 6: Earnings/Expenditure in Foreign Currencies of Select 3,192 Public Limited Companies, 2006-07 to 2008-09
(Rs. crore)
Item		2006-07	2007-08	2008-09
1		2	3	4
I.	Expenditure in foreign currencies	3,51,945	4,48,662	5,21,300
	(a) Imports (on c.i.f. basis)	2,85,422	3,55,696	4,05,673
	of which,
	i) Raw materials	2,14,334	2,60,425	2,99,061
	ii) Capital goods	36,644	56,264	58,026
	iii) Stores and spares	13,995	14,906	19,414
	(b) Other expenditure in foreign currencies	66,523	92,966	1,15,627
II.	Earnings in foreign currencies	3,28,995	3,95,169	4,67,034
	of which,
	Exports (on f.o.b. basis)	2,40,310	2,87,921	3,32,832
III.	Net inflow (+)/outflow (-) in foreign currencies	-22,950	-53,493	-54,266

Statement 7 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies - Sales-wise, 2007-08 and 2008-09
(Per cent)
Sales Range		Less than Rs. 25 crore		Rs. 25 crore - Rs 50 crore		Rs. 50 crore - Rs. 100 crore
Item		(808)		(381)		(435)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		2	3	4	5	6	7
1.	Sales+	-0.8	-14.2	13.5	-1.8	15.7	-3.6
2.	Value of production	-0.2	-13.5	13.4	-2.7	16.5	-4.6
3.	Total Income	9.6	-9.4	15.1	-5.1	20.0	-5.2
4.	Manufacturing expenses	2.0	-11.5	11.6	-3.9	17.5	-3.0
5.	Remuneration to employees	10.7	7.7	18.5	-1.2	18.9	8.4
6.	Depreciation provision	2.8	25.6	10.8	7.0	10.7	10.7
7.	Gross profits	23.1	-90.4	23.3	-38.3	19.5	-35.3
8.	Interest	23.9	5.9	19.5	17.6	25.9	11.6
9.	Operating profits	20.8	–	28.1	–	16.5	-59.1
10.	Non-operating surplus/deficit	81.9	-17.9	140.7	-65.3	223.4	-49.3
11.	Profits before tax	65.1	-89.9	52.7	-89.8	42.7	-56.3
12.	Tax provision	38.5	-12.8	34.2	-17.3	29.4	-26.8
13.	Profits after tax	80.8	–	63.0	–	47.9	-66.3
14.	Dividend paid	15.9	-12.7	-10.0	-4.0	60.6	-47.9
15.	Profits retained	111.3	–	89.5	–	45.1	-70.8
16.	Gross saving	41.4	-69.0	38.1	-64.8	29.9	-40.1
17.	(a) Gross value added	6.8	-25.9	18.8	-13.2	17.0	-12.9
	(b) Net value added	8.0	-41.2	20.9	-17.9	18.4	-17.7
18.	Net worth @	50.4	3.4	35.3	10.5	49.4	15.6
19.	Total borrowings @	1.8	10.0	16.1	14.7	18.8	1.5
	of which, from banks @	8.6	5.7	19.3	11.0	26.0	-4.1
20.	Trade dues and other current liabilities @	4.4	3.7	17.4	1.7	-11.4	6.7
21.	(a) Gross fixed assets @	10.8	12.7	13.7	9.1	10.1	13.1
	(b) Net fixed assets @	13.3	15.8	15.8	10.4	9.4	17.0
22.	Inventories @	11.7	10.5	16.4	3.5	14.8	-2.5
23.	(a) Gross physical assets @	11.0	12.3	14.1	8.1	11.0	10.2
	(b) Net physical assets @	12.9	14.5	15.9	8.7	10.7	11.9
24.	(a) Gross Total Assets @	18.1	5.2	20.6	9.5	19.7	8.5
	(b) Net Total Assets @	20.4	4.9	22.8	9.9	21.5	9.0
25.	Total earnings in foreign currencies	-2.2	-20.3	-2.7	0.3	4.2	-13.3
	of which, Exports	-19.7	-10.9	-1.2	2.1	4.2	-14.9
26.	Total expenditure in foreign currencies	56.0	-52.8	2.3	22.3	2.8	25.8
	of which, Imports	33.7	-50.5	2.9	23.9	1.2	21.3
+ Net of ‘rebates and discounts’ and ‘excise duty and cess’. @ Adjusted for revaluation, etc. — Numerator is negative or nil or negligible. # Denominator is negative or nil or negligible. ^ Both numerator and denominator are negative or nil or negligible. Note: 1. Figures in brackets below the sales range represent the number of companies in the sales range. 2. Rates of growth of all the items are adjusted for changes due to amalgamation of companies.

Statement 7: Growth Rates of the Select Items of the Select 3,192 Public Limited Companies - Sales-wise, 2007-08 and 2008-09 (Concld.)
(Per cent)
Sales range		Rs. 100 crore - Rs 500 crore		Rs. 500 crore -Rs. 1000 crore		Rs. 1000 crore and above
Item		(936)		(282)		(350)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		8	9	10	11	12	13
1.	Sales+	18.8	12.9	24.0	11.4	21.5	16.4
2.	Value of production	19.0	11.6	23.7	10.1	22.2	15.5
3.	Total Income	19.2	10.8	24.1	12.7	23.3	15.7
4.	Manufacturing expenses	17.1	11.0	22.9	13.9	22.5	17.5
5.	Remuneration to employees	24.8	18.3	30.1	14.6	25.0	20.8
6.	Depreciation provision	13.9	19.3	26.0	12.7	16.8	15.8
7.	Gross profits	24.5	-5.6	27.9	-9.6	31.1	-9.2
8.	Interest	33.4	30.8	37.7	41.8	32.6	50.2
9.	Operating profits	20.9	-21.6	25.5	-23.7	30.9	-18.0
10.	Non-operating surplus/deficit	30.4	-75.1	9.5	93.8	–	#
11.	Profits before tax	22.1	-28.9	24.3	-16.3	27.6	-12.1
12.	Tax provision	33.8	-9.4	38.4	-4.3	27.5	-13.5
13.	Profits after tax	18.3	-35.9	19.8	-20.7	27.7	-11.7
14.	Dividend paid	15.2	-16.2	16.0	-2.4	28.4	-10.0
15.	Profits retained	19.2	-41.2	20.7	-24.9	27.5	-12.1
16.	Gross saving	17.0	-17.0	22.5	-11.8	24.1	-3.6
17.	(a) Gross value added	23.3	6.7	29.3	-0.5	27.3	2.0
	(b) Net value added	25.2	4.3	29.9	-2.8	29.2	-0.3
18.	Net worth @	32.6	9.6	29.8	14.7	31.7	24.1
19.	Total borrowings @	22.8	18.6	30.6	28.3	31.7	33.5
	of which, from banks @	26.1	21.8	33.5	34.3	42.2	33.6
20.	Trade dues and other current liabilities @	21.1	14.3	26.1	17.0	34.0	23.4
21.	(a) Gross fixed assets @	20.0	15.6	18.9	18.6	22.4	19.4
	(b) Net fixed assets @	23.4	16.5	20.1	21.6	26.2	20.7
22.	Inventories @	26.5	12.5	34.1	13.7	34.7	16.3
23.	(a) Gross physical assets @	21.2	15.0	22.2	17.4	24.7	18.8
	(b) Net physical assets @	24.2	15.5	24.3	19.1	28.3	19.5
24.	(a) Gross Total Assets @	24.1	13.7	27.4	17.9	29.3	24.3
	(b) Net Total Assets @	26.3	13.7	29.5	18.8	32.1	25.5
25.	Total earnings in foreign currencies	21.2	12.6	11.3	15.8	21.6	20.1
	of which, Exports	19.0	12.8	14.1	16.5	21.5	16.8
26.	Total expenditure in foreign currencies	18.7	14.6	18.0	27.2	29.5	15.6
	of which, Imports	19.8	15.1	15.4	26.3	26.4	13.0

Statement 8 : Select Financial Ratios of the Select 3,192 Public Limited Companies - Sales-wise, 2006-07 to 2008-09
(Per cent)
Sales range		Less than Rs. 25 crore			Rs. 25 crore - Rs. 50 crore			Rs. 50 crore - Rs. 100 crore
Item		(808)			(381)			(435)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		2	3	4	5	6	7	8	9	10
A.	Capital structure ratios
1.	Net fixed assets to net total assets	35.7	33.5	37.1	33.2	31.4	31.7	39.3	35.4	37.2
2.	Net worth to net total assets	36.3	45.4	44.9	34.8	38.4	38.8	33.2	41.2	43.5
3.	Debt to equity	45.1	28.9	30.0	65.6	53.2	54.4	64.2	51.9	45.2
4.	Debt to equity (equity adjusted for revaluation reserve)	50.6	31.4	32.7	69.4	55.5	56.6	68.0	55.2	46.8
5.	Short term bank borrowings to inventories	82.4	82.5	76.3	108.4	121.8	122.1	72.4	76.2	84.8
6.	Total outside liabilities to net worth	175.2	120.2	122.8	187.0	160.3	157.8	200.9	142.9	129.9
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.0	1.2	1.1	1.2	1.2	1.2	1.1	1.3	1.3
8.	Quick assets to current liabilities	44.1	54.4	44.0	55.0	53.6	44.8	57.9	59.0	57.5
9.	Current assets to net total assets	48.6	51.2	47.4	51.1	50.4	49.3	51.1	48.7	46.2
10.	Sundry creditors to current assets	20.0	18.7	17.9	19.3	19.1	16.1	21.4	22.2	22.7
11.	Sundry creditors to net working capital	#	95.0	141.6	109.6	101.2	84.6	182.7	93.0	109.1
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	36.1	29.6	24.2	52.4	48.4	43.1	64.1	60.8	54.1
13.	Sales to gross fixed assets	64.6	57.7	43.7	96.9	96.6	86.4	103.7	108.6	94.7
14.	Inventories to sales	31.7	35.7	45.9	20.7	21.2	22.4	20.6	20.5	20.7
15.	Sundry debtors to sales	30.1	32.9	37.1	27.6	28.1	27.2	20.7	23.3	22.9
16.	Exports to sales	13.5	11.0	11.4	16.2	14.1	14.7	16.9	15.2	13.4
17.	Gross value added to gross fixed assets	17.0	16.4	10.7	22.7	23.7	18.7	26.8	28.4	22.4
18.	Raw materials consumed to value of production	48.7	48.4	49.2	50.8	50.8	49.5	51.1	51.2	50.8
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		27.7	106.5		29.7	41.3		26.0	71.3
20.	Gross capital formation to total uses of funds		33.9	124.6		36.8	44.6		34.1	68.3
21.	External sources of funds to total sources of funds		74.3	88.7		77.5	85.6		61.8	84.7
22.	Increase in bank borrowings to total external sources		9.6	17.0		20.9	23.7		41.2	-
23.	Gross savings to gross capital formation		67.6	16.8		57.7	30.9		104.3	60.1
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	3.1	3.2	0.3	4.9	4.9	2.8	8.0	7.8	4.7
25.	Gross profits to sales	8.6	10.7	1.2	9.4	10.2	6.4	12.5	12.9	8.7
26.	Profits after tax to net worth	5.0	6.0	—	5.2	6.2	—	13.5	13.2	3.9
27.	Tax provision to profits before tax **	20.7	20.5	22.5	20.4	18.9	24.9	23.1	21.7	24.2
28.	Profits retained to profits after tax **	85.4	88.4	86.0	86.4	91.6	86.8	86.0	83.4	86.7
29.	Dividends to net worth	1.5	1.2	1.0	1.4	1.0	0.8	2.4	2.6	1.2
30.	Ordinary dividends to ordinary paid-up capital	2.3	2.2	1.8	2.7	2.2	2.0	5.1	7.8	2.9
* Item B.7 is the actual ratio of current assets to current liabilities. ** Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09. @ Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc. Note: 1. Figures in brackets below the sales range represent the number of companies in the sales range. 2. For footnotes, please refer to statement 7.

Statement 8: Select Financial Ratios of the Select 3,192 Public Limited Companies - Sales-wise, 2006-07 to 2008-09 (Concld.)
(Per cent)
Sales range		Rs. 100 crore - Rs. 500 crore			Rs. 500 crore- Rs. 1000 crore			Rs. 1000 crore and above
Item		(936)			(282)			(350)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		11	12	13	14	15	16	17	18	19
A.	Capital structure ratios
1.	Net fixed assets to net total assets	39.8	38.9	40.2	37.8	35.6	36.1	39.8	37.9	37.6
2.	Net worth to net total assets	40.2	42.3	41.1	41.4	42.0	40.2	43.5	43.8	43.1
3.	Debt to equity	59.7	53.0	56.0	51.6	49.8	56.5	43.3	39.8	39.9
4.	Debt to equity (equity adjusted for revaluation reserve)	62.6	55.0	58.8	52.8	51.7	57.8	44.6	40.6	41.2
5.	Short term bank borrowings to inventories	75.2	75.2	81.2	64.0	63.8	71.9	68.3	78.5	102.8
6.	Total outside liabilities to net worth	149.0	136.3	143.4	141.5	138.4	148.5	130.0	128.3	132.0
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.3	1.4	1.3	1.4	1.5	1.4	1.3	1.2	1.1
8.	Quick assets to current liabilities	66.8	63.8	58.7	67.9	67.8	60.3	54.2	48.3	46.6
9.	Current assets to net total assets	47.7	47.5	46.4	52.8	53.9	53.2	47.1	47.0	43.3
10.	Sundry creditors to current assets	23.9	22.5	22.3	24.3	22.5	22.2	26.6	25.2	25.7
11.	Sundry creditors to net working capital	94.8	85.3	95.9	80.9	70.5	71.9	125.3	137.7	279.1
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	70.6	66.2	65.4	83.2	79.1	74.5	80.1	73.2	67.0
13.	Sales to gross fixed assets	118.8	117.2	113.2	147.4	151.4	143.5	136.7	134.7	126.9
14.	Inventories to sales	18.8	20.0	19.9	19.0	20.6	21.0	16.3	18.1	18.1
15.	Sundry debtors to sales	20.3	20.7	20.9	18.6	20.7	19.7	12.7	13.2	13.4
16.	Exports to sales	15.6	15.6	15.6	15.1	13.9	14.6	19.7	19.7	19.8
17.	Gross value added to gross fixed assets	28.8	29.5	26.9	34.3	36.8	31.1	36.1	37.3	30.8
18.	Raw materials consumed to value of production	55.3	54.6	53.8	55.1	54.3	56.9	50.4	49.9	50.0
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		41.3	54.9		32.8	46.6		37.8	37.4
20.	Gross capital formation to total uses of funds		53.4	65.2		49.4	57.3		50.9	45.0
21.	External sources of funds to total sources of funds		69.3	70.7		65.4	76.4		63.3	66.9
22.	Increase in bank borrowings to total external sources		28.9	42.4		35.2	49.4		32.5	32.3
23.	Gross savings to gross capital formation		53.7	51.8		65.9	60.0		71.1	71.7
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	8.6	8.5	7.0	10.8	10.6	8.1	12.7	12.6	9.0
25.	Gross profits to sales	12.2	12.8	10.7	13.0	13.4	10.9	15.9	17.1	13.4
26.	Profits after tax to net worth	13.3	11.8	6.8	17.1	15.5	10.8	19.9	19.0	13.4
27.	Tax provision to profits before tax **	22.6	23.4	24.3	23.6	25.7	27.1	23.3	23.3	21.5
28.	Profits retained to profits after tax **	79.8	81.4	82.0	81.1	82.1	81.5	80.2	79.8	81.0
29.	Dividends to net worth	2.9	2.5	1.9	3.3	2.9	2.5	4.1	3.9	2.8
30.	Ordinary dividends to ordinary paid-up capital	12.7	13.2	10.5	15.4	15.9	14.6	38.5	47.6	46.2

Statement 9: Growth Rates of the Select Items of the Select 3,192 Public Limited Companies - Paid-up Capital-wise, 2007-08 and 2008-09
(Per cent)
PUC range		Less than Rs. 1 crore		Rs. 1 crore -2 crore		Rs. 2 crore -5 crore		Rs. 5 crore -10 crore
Item		(163)		(167)		(508)		(601)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		2	3	4	5	6	7	8	9
1.	Sales+	15.4	11.0	22.1	15.7	13.0	9.5	19.2	13.0
2.	Value of production	15.4	9.3	22.6	14.5	14.4	8.0	18.9	11.7
3.	Total Income	15.1	8.9	25.5	11.9	14.8	8.4	21.3	9.9
4.	Manufacturing expenses	16.8	9.2	21.0	21.9	14.4	8.6	18.3	8.6
5.	Remuneration to employees	17.9	4.8	19.5	15.3	19.2	5.8	20.1	26.3
6.	Depreciation provision	18.6	11.9	30.4	13.8	12.2	10.0	14.2	15.2
7.	Gross profits	5.2	18.5	39.1	-25.7	28.7	2.4	21.9	3.8
8.	Interest	17.2	20.4	27.6	21.4	31.2	20.5	31.1	36.4
9.	Operating profits	0.3	17.6	41.4	-34.1	27.6	-5.6	19.5	-5.9
10.	Non-operating surplus/deficit	-18.5	-5.5	226.4	-79.6	-52.2	2.3	457.3	-75.1
11.	Profits before tax	-2.2	15.0	61.1	-43.9	15.1	-5.1	47.3	-22.6
12.	Tax provision	10.8	21.6	47.1	-27.9	35.8	-3.5	43.2	-9.3
13.	Profits after tax	-10.6	9.8	68.4	-51.2	6.9	-5.9	48.9	-27.5
14.	Dividend paid	-2.8	-7.8	84.2	-18.2	4.2	-7.9	38.0	1.8
15.	Profits retained	-12.5	14.6	65.7	-58.9	7.6	-5.5	51.4	-33.6
16.	Gross saving	-3.2	13.6	54.7	-39.7	9.7	1.7	38.4	-19.6
17.	(a) Gross value added	10.5	12.6	28.8	-5.3	21.1	4.2	20.9	14.3
	(b) Net value added	9.7	12.7	28.6	-7.7	22.9	3.2	21.9	14.2
18.	Net worth @	20.0	19.6	28.1	3.7	13.6	9.8	29.4	12.3
19.	Total borrowings @	12.3	8.7	7.7	15.6	17.3	5.6	21.7	14.9
	of which, from banks @	20.3	6.8	17.8	14.5	13.2	7.2	27.9	20.0
20.	Trade dues and other current liabilities @	21.6	9.2	16.1	1.3	16.2	13.5	20.0	8.6
21.	(a) Gross fixed assets @	16.0	11.4	13.5	9.8	11.8	10.6	16.3	13.4
	(b) Net fixed assets @	21.3	14.7	16.1	7.9	12.0	11.7	19.4	14.6
22.	Inventories @	18.0	-5.7	13.7	9.1	21.3	6.2	20.8	7.8
23.	(a) Gross physical assets @	16.5	6.5	13.6	9.5	14.1	9.5	17.5	11.8
	(b) Net physical assets @	19.9	6.0	15.0	8.5	15.4	9.6	19.9	12.0
24.	(a) Total gross assets @	16.6	10.3	18.5	5.8	14.8	8.7	22.2	11.8
	(b) Total net assets @	18.0	10.9	20.2	4.7	15.7	8.7	24.5	11.9
25.	Total earnings in foreign currencies	-4.5	20.9	8.4	40.8	11.0	-0.7	22.0	25.7
	of which, Exports	-4.2	21.1	5.9	43.4	9.9	-0.2	17.0	19.6
26.	Total expenditure in foreign currencies	26.6	13.0	5.7	31.0	46.9	-7.0	25.7	14.5
	of which, Imports	29.0	17.9	6.3	27.6	50.3	-9.1	23.3	10.9

Statement 9: Growth Rates of the Select Items of the Select 3,192 Public Limited Companies - Paid-up Capital-wise, 2007-08 and 2008-09 (Concld.)
(Per cent)
PUC range		Rs. 10 crore -25 crore		Rs. 25 crore -50 crore		Rs. 50 crore -100 crore		Rs. 100 crore and above
Item		(871)		(451)		(225)		(206)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		10	11	12	13	14	15	16	17
1.	Sales+	22.4	14.8	24.3	19.4	22.2	17.0	20.0	12.6
2.	Value of production	23.2	12.9	25.7	17.9	23.8	15.7	19.8	12.3
3.	Total Income	23.6	13.1	25.7	17.8	24.9	15.8	21.2	13.0
4.	Manufacturing expenses	22.5	12.8	25.5	20.9	25.9	18.6	19.1	14.5
5.	Remuneration to employees	24.1	16.6	26.4	17.4	25.1	20.0	26.1	20.0
6.	Depreciation provision	25.5	20.4	19.6	19.3	24.7	18.8	13.5	13.6
7.	Gross profits	28.8	-0.7	31.1	-10.0	22.5	-6.6	32.0	-13.5
8.	Interest	37.8	41.3	44.5	44.3	34.9	46.6	27.0	43.8
9.	Operating profits	26.5	-12.4	28.1	-23.4	19.9	-19.0	32.8	-22.0
10.	Non-operating surplus/deficit	285.2	4.3	-21.7	-4.5	12.6	-15.2	—	#
11.	Profits before tax	30.0	-11.7	23.7	-22.4	19.2	-18.6	28.4	-13.9
12.	Tax provision	33.2	-3.4	31.8	-9.3	36.2	-11.9	24.8	-16.2
13.	Profits after tax	28.9	-14.7	21.1	-27.0	13.3	-21.4	29.5	-13.2
14.	Dividend paid	10.5	0.2	17.8	-16.5	21.5	-0.5	31.7	-13.8
15.	Profits retained	33.6	-17.7	21.9	-29.6	11.2	-27.4	28.9	-13.1
16.	Gross saving	30.9	-5.8	21.1	-13.3	15.3	-12.0	23.6	-4.6
17.	(a) Gross value added	27.3	7.1	28.2	3.9	23.7	4.5	27.4	-1.9
	(b) Net value added	27.6	5.1	29.7	1.4	23.5	2.1	30.2	-4.7
18.	Net worth @	34.1	14.4	29.7	12.4	27.2	11.7	34.4	26.6
19.	Total borrowings @	26.6	24.1	25.9	27.7	24.2	38.0	33.2	30.5
	of which, from banks @	33.9	29.5	31.6	32.3	23.9	32.9	46.5	30.7
20.	Trade dues and other current liabilities @	13.7	13.8	34.7	28.1	32.9	21.1	32.4	21.4
21.	(a) Gross fixed assets @	23.7	22.0	24.0	21.8	20.8	15.8	20.6	18.0
	(b) Net fixed assets @	27.2	24.3	28.0	23.8	25.4	17.7	23.4	19.0
22.	Inventories @	31.9	10.9	38.0	18.1	35.2	20.6	32.4	14.8
23.	(a) Gross physical assets @	25.5	19.4	27.2	20.9	23.4	16.8	22.5	17.5
	(b) Net physical assets @	28.6	20.3	31.0	22.0	27.8	18.5	25.4	18.0
24.	(a) Total gross assets @	25.1	17.2	27.4	19.8	24.8	20.8	30.3	23.9
	(b) Total net assets @	26.7	17.4	29.3	20.2	27.3	22.5	33.4	25.3
25.	Total earnings in foreign currencies	28.4	17.0	24.1	15.6	26.2	27.3	16.8	17.4
	of which, Exports	25.8	18.8	26.0	13.0	21.0	22.0	17.5	14.3
26.	Total expenditure in foreign currencies	20.9	24.4	26.1	6.5	76.2	2.3	20.9	20.9
	of which, Imports	21.7	24.2	26.4	0.9	48.2	0.9	20.5	18.8
Note: 1. Figures in brackets below the PUC range represent the number of companies in the PUC range. 2. Rates of growth of all the items are adjusted for changes due to amalgamation of companies. 3. For foot notes, please refer to statement 7.

Statement 10 : Select Financial Ratios of the Select 3,192 Public Limited Companies - Paid-up Capital-wise, 2006-07 to 2008-09
(Per cent)
PUC range		Less than Rs. 1 crore			Rs. 1 crore - Rs. 2 crore			Rs. 2 crore - Rs. 5 crore
Item		(163)			(167)			(508)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		2	3	4	5	6	7	8	9	10
A.	Capital structure ratios
1.	Net fixed assets to net total assets	23.9	24.5	25.4	30.8	29.9	31.3	36.1	35.1	36.3
2.	Net worth to net total assets	22.8	23.2	25.1	40.8	43.6	43.6	36.9	36.4	37.1
3.	Debt to equity	43.1	43.9	38.0	29.3	25.3	24.8	46.5	49.5	45.1
4.	Debt to equity (equity adjusted for revaluation reserve)	44.6	45.0	38.8	31.0	26.5	26.3	51.2	54.1	49.3
5.	Short term bank borrowings to inventories	82.0	77.6	87.1	27.9	28.2	32.6	78.2	71.3	73.1
6.	Total outside liabilities to net worth	337.9	330.6	299.2	145.3	129.4	129.4	170.8	174.9	169.3
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.1	1.1	1.1	1.4	1.4	1.4	1.3	1.3	1.3
8.	Quick assets to current liabilities	63.7	64.3	65.6	61.3	67.0	62.4	64.9	63.1	57.9
9.	Current assets to net total assets	71.0	70.4	68.3	63.9	63.2	63.9	58.9	59.8	57.6
10.	Sundry creditors to current assets	32.5	33.6	32.9	21.6	27.4	25.7	27.5	26.4	27.3
11.	Sundry creditors to net working capital	571.0	537.8	664.6	81.2	94.3	87.1	121.6	107.6	131.6
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	167.0	163.5	163.7	92.8	94.1	103.3	114.0	111.0	111.2
13.	Sales to gross fixed assets	364.6	363.1	361.9	189.5	202.8	210.8	182.5	183.7	180.5
14.	Inventories to sales	10.9	11.1	9.5	28.6	26.6	25.1	17.8	19.2	18.6
15.	Sundry debtors to sales	13.3	13.5	13.4	17.8	20.2	17.9	18.9	18.0	16.9
16.	Exports to sales	41.6	34.6	37.7	13.8	12.0	14.9	18.5	18.0	16.4
17.	Gross value added to gross fixed assets	52.4	49.9	50.5	45.0	50.8	43.3	32.3	34.8	32.6
18.	Raw materials consumed to value of production	67.3	68.3	68.8	53.4	51.5	54.8	63.5	63.4	64.1
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		36.2	41.5		30.3	66.5		39.2	58.4
20.	Gross capital formation to total uses of funds		52.4	33.1		47.0	100.0		62.4	70.5
21.	External sources of funds to total sources of funds		64.0	54.2		42.2	24.2		56.5	66.4
22.	Increase in bank borrowings to total external sources		32.7	21.5		29.9	133.1		32.0	24.8
23.	Gross savings to gross capital formation		69.9	173.9		118.1	88.9		68.1	90.2
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	13.4	11.9	12.7	10.6	12.2	8.6	8.2	9.1	8.5
25.	Gross profits to sales	8.0	7.3	7.8	11.4	13.0	8.3	7.2	8.2	7.7
26.	Profits after tax to net worth	29.2	21.7	20.0	15.9	20.8	9.7	13.2	12.3	10.4
27.	Tax provision to profits before tax **	31.2	33.6	34.6	31.5	29.3	34.8	26.9	31.7	32.1
28.	Profits retained to profits after tax **	86.0	86.0	89.1	88.3	83.2	75.2	82.9	83.7	84.2
29.	Dividends to net worth	5.7	4.6	3.6	2.7	3.9	3.0	2.4	2.2	1.8
30.	Ordinary dividends to ordinary paid-up capital	59.7	72.3	65.1	24.1	46.0	40.4	14.8	15.5	14.0
* Item B7 is the actual ratio of current assets to current liabilities. ** Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09. @ Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc. Notes: 1. Figures in brackets below the PUC Range represent the number of companies in the PUC Range. 2. For footnotes, please refer to statement 7.

Statement 10 : Select Financial Ratios of the Select 3,192 Public Limited Companies - Paid-up Capital-wise, 2006-07 to 2008-09(Contd.)
(Per cent)
PUC range		Rs. 5 crore - Rs. 10 crore			Rs.10 crore - Rs. 25 crore			Rs. 25 crore - Rs. 50 crore
Item		(601)			(871)			(451)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		11	12	13	14	15	16	17	18	19
A.	Capital structure ratios
1.	Net fixed assets to net total assets	33.7	32.3	33.3	36.4	37.1	39.0	35.3	35.0	36.1
2.	Net worth to net total assets	38.0	39.5	39.7	38.2	40.9	39.5	39.6	39.7	37.3
3.	Debt to equity	42.4	38.7	37.4	54.4	46.4	50.9	49.4	47.5	52.8
4.	Debt to equity (equity adjusted for revaluation reserve)	44.6	40.5	39.2	55.4	48.0	51.8	50.2	48.2	53.7
5.	Short term bank borrowings to inventories	64.7	68.7	76.2	81.0	87.9	96.1	75.2	69.9	77.1
6.	Total outside liabilities to net worth	163.3	153.1	152.1	162.0	144.8	153.3	152.6	151.7	168.2
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.2
8.	Quick assets to current liabilities	62.4	62.7	61.5	69.5	63.1	59.7	66.1	60.2	56.0
9.	Current assets to net total assets	59.9	60.2	58.7	54.8	52.8	51.3	52.5	53.1	52.5
10.	Sundry creditors to current assets	26.6	25.6	25.0	24.5	24.9	23.7	27.0	26.9	26.4
11.	Sundry creditors to net working capital	112.1	100.4	108.7	95.8	101.3	109.5	118.9	119.1	141.8
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	111.0	106.3	107.5	93.4	89.6	88.1	84.6	81.3	80.5
13.	Sales to gross fixed assets	198.6	203.6	202.9	175.2	170.7	161.9	163.2	163.5	159.6
14.	Inventories to sales	18.7	18.9	18.0	16.1	17.3	16.7	17.9	19.9	19.7
15.	Sundry debtors to sales	18.6	19.2	19.2	18.5	18.4	18.6	18.4	18.3	18.3
16.	Exports to sales	17.3	17.0	18.0	16.7	17.2	17.8	18.3	18.6	17.6
17.	Gross value added to gross fixed assets	41.7	43.4	43.8	37.2	37.7	33.4	36.2	37.4	31.7
18.	Raw materials consumed to value of production	58.7	58.2	55.7	59.2	58.7	58.3	57.5	56.3	58.1
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		33.6	49.5		43.0	58.0		39.0	47.7
20.	Gross capital formation to total uses of funds		49.5	60.6		59.3	66.4		57.1	60.6
21.	External sources of funds to total sources of funds		54.3	52.6		59.3	62.8		68.0	76.4
22.	Increase in bank borrowings to total external sources		41.8	61.2		44.4	56.5		31.4	40.8
23.	Gross savings to gross capital formation		86.5	87.6		60.6	59.0		55.8	49.5
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	11.1	10.9	10.1	11.2	11.3	9.6	10.3	10.4	7.8
25.	Gross profits to sales	10.0	10.2	9.4	12.0	12.6	10.9	12.2	12.8	9.7
26.	Profits after tax to net worth	17.7	20.3	13.2	17.8	16.8	12.7	17.6	16.4	10.6
27.	Tax provision to profits before tax **	27.3	26.6	28.5	24.8	25.0	25.3	24.2	24.7	25.2
28.	Profits retained to profits after tax **	81.5	82.8	78.0	80.6	83.5	83.3	80.5	81.6	82.6
29.	Dividends to net worth	3.3	3.5	3.2	3.5	2.8	2.5	3.6	3.2	2.4
30.	Ordinary dividends to ordinary paid-up capital	19.6	26.3	26.5	25.2	26.2	25.1	29.1	31.3	25.3

Statement 10: Select Financial Ratios of the Select 3,192 Public Limited Companies - Paid-up Capital-wise, 2006-07 to 2008-09 (Concld.)
(Per cent)
PUC range		Rs. 50 crore - Rs. 100 crore			Rs. 100 crore and above
Item		(225)			(206)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		20	21	22	23	24	25
A.	Capital structure ratios
1.	Net fixed assets to net total assets	38.8	39.0	38.0	42.3	38.7	38.2
2.	Net worth to net total assets	40.9	42.1	38.8	45.1	45.7	45.8
3.	Debt to equity	52.6	49.3	57.9	44.1	39.7	37.8
4.	Debt to equity (equity adjusted for revaluation reserve)	55.3	52.4	61.7	45.7	40.5	39.1
5.	Short term bank borrowings to inventories	73.3	69.9	69.5	63.3	79.4	114.4
6.	Total outside liabilities to net worth	144.5	137.5	157.6	121.9	118.8	118.2
B.	Liquidity ratios
7.	Current assets to current liabilities*	1.3	1.3	1.3	1.3	1.2	1.1
8.	Quick assets to current liabilities	64.4	59.9	59.3	47.8	44.3	41.3
9.	Current assets to net total assets	48.7	47.6	49.4	43.3	44.0	39.1
10.	Sundry creditors to current assets	25.1	26.2	22.8	25.3	22.4	24.4
11.	Sundry creditors to net working capital	106.3	114.5	102.1	123.6	119.3	362.7
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	76.3	71.5	67.9	67.8	60.7	53.7
13.	Sales to gross fixed assets	129.6	127.0	126.4	109.6	108.8	99.6
14.	Inventories to sales	16.6	18.3	18.9	17.3	19.1	19.4
15.	Sundry debtors to sales	16.0	17.3	17.2	11.2	12.3	12.1
16.	Exports to sales	14.4	14.2	14.9	20.2	19.8	20.1
17.	Gross value added to gross fixed assets	32.0	31.7	28.2	33.0	34.7	27.7
18.	Raw materials consumed to value of production	48.4	48.6	48.8	46.0	45.3	45.3
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		41.2	36.5		35.2	35.9
20.	Gross capital formation to total uses of funds		56.2	47.6		45.6	42.0
21.	External sources of funds to total sources of funds		71.4	75.9		64.1	66.7
22.	Increase in bank borrowings to total external sources		22.0	33.0		31.7	28.5
23.	Gross savings to gross capital formation		60.4	58.6		75.5	75.6
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	11.1	10.5	7.9	12.3	12.1	8.2
25.	Gross profits to sales	14.6	14.6	11.7	18.1	20.0	15.3
26.	Profits after tax to net worth	18.7	15.8	10.9	18.6	17.7	12.0
27.	Tax provision to profits before tax **	26.1	28.2	27.1	21.6	21.3	19.4
28.	Profits retained to profits after tax **	79.2	79.4	77.5	80.4	79.4	81.4
29.	Dividends to net worth	3.8	3.5	3.0	3.9	3.8	2.5
30.	Ordinary dividends to ordinary paid-up capital	29.1	31.4	28.9	23.3	28.6	24.9
For footnotes, please refer to statement 7.

Statement 11 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09
(Per cent)
Industry/Industry group		Tea Plantations		Mining and Quarrying		Food Products and Beverages		Sugar
Item		(34)		(50)		(241)		(40)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		2	3	4	5	6	7	8	9
1.	Sales+	6.6	27.0	27.8	22.7	20.2	19.1	-6.6	10.3
2.	Value of production	5.4	29.5	29.0	21.7	23.3	16.9	4.5	4.3
3.	Total Income	10.0	20.5	30.9	22.6	23.6	17.4	8.1	9.6
4.	Manufacturing expenses	10.6	37.9	13.7	22.2	26.6	15.7	19.7	-8.9
5.	Remuneration to employees	0.4	11.7	20.8	27.8	26.3	13.1	27.1	10.7
6.	Depreciation provision	-77.5	5.5	2.7	6.9	24.6	20.6	47.8	34.0
7.	Gross profits	#	293.4	65.9	5.2	-6.9	26.3	-80.0	274.9
8.	Interest	-14.6	1.2	99.6	49.0	35.4	37.5	50.9	52.8
9.	Operating profits	^	#	63.3	1.0	-22.2	19.3	—	#
10.	Non-operating surplus/deficit	53.0	-80.8	#	512.4	114.7	98.2	#	340.6
11.	Profits before tax	#	73.5	68.7	3.2	-14.9	29.9	—	#
12.	Tax provision	82.4	6.7	85.9	2.9	12.9	23.3	-82.8	516.9
13.	Profits after tax	#	139.7	61.8	3.4	-24.0	33.0	—	#
14.	Dividend paid	114.6	-39.5	52.0	-34.8	-9.2	58.9	-80.6	513.0
15.	Profits retained	^	#	64.2	12.5	-28.4	23.3	—	#
16.	Gross saving	—	#	49.6	11.5	-9.2	22.0	-76.2	336.0
17.	(a) Gross value added	-17.3	54.2	53.5	3.5	6.6	19.7	-41.9	72.2
	(b) Net value added	11.4	58.9	61.0	3.2	3.4	19.5	-57.9	96.2
18.	Net worth @	1.2	4.7	58.7	27.2	22.1	18.1	-2.2	12.9
19.	Total borrowings @	1.0	-3.8	33.9	57.9	34.9	21.7	63.2	21.3
	of which, from banks @	-20.0	-13.0	37.4	68.1	42.3	27.6	84.7	30.1
20.	Trade dues and other current liabilities @	7.1	3.6	39.5	27.2	44.8	1.6	52.0	-12.6
21.	(a) Gross fixed assets @	-4.3	1.9	20.9	39.0	27.5	16.7	37.4	12.5
	(b) Net fixed assets @	-4.8	0.9	20.7	47.0	32.1	16.7	42.6	10.2
22.	Inventories @	5.0	28.8	13.3	42.3	53.4	4.8	40.0	15.5
23.	(a) Gross physical assets @	-3.4	4.7	20.3	39.3	33.9	13.3	37.9	13.1
	(b) Net physical assets @	-3.4	5.1	19.8	46.5	38.9	12.6	41.9	11.5
24.	(a) Total gross assets @	2.3	1.6	41.0	32.3	29.6	15.6	32.5	14.1
	(b) Total net assets @	3.5	1.1	44.0	33.9	31.8	15.5	34.5	13.0
25.	Total earnings in foreign currencies	10.2	60.4	67.1	25.2	18.8	23.0	22.2	5.1
	of which, Exports	-1.5	61.2	65.3	23.3	18.4	23.3	25.6	5.8
26.	Total expenditure in foreign currencies	20.1	73.0	21.5	32.4	39.5	41.1	-14.8	-10.9
	of which, Imports	21.1	90.6	14.4	35.6	41.6	45.6	281.7	-34.6
Notes: 1. Figures in brackets below the industry name represent the number of companies in the industry. 2. Rates of growth of all the items are adjusted for changes due to amalgamation of companies. 3. Industry group ‘Sugar’ is subgroup of ‘Food Products and Beverages’. 4. For footnotes, please refer to statement 7.

Statement 11 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Edible Oils and Oil Cakes		Cotton Textiles		Man-made Textiles		Apparel
Item		(35)		(99)		(54)		(38)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		10	11	12	13	14	15	16	17
1.	Sales+	28.0	20.0	15.8	7.2	18.8	17.9	26.0	14.0
2.	Value of production	30.3	17.0	16.3	5.4	20.4	18.1	24.9	9.6
3.	Total Income	30.3	17.0	17.1	6.8	20.7	16.6	26.9	9.1
4.	Manufacturing expenses	30.1	18.0	20.8	6.3	19.8	19.2	25.5	8.0
5.	Remuneration to employees	25.6	27.0	22.4	11.5	16.4	17.8	26.4	11.8
6.	Depreciation provision	8.8	20.6	15.4	16.9	11.3	21.6	27.8	21.8
7.	Gross profits	60.4	-4.7	-11.8	-25.1	50.2	3.2	21.3	-58.9
8.	Interest	35.0	13.4	39.7	34.4	49.7	48.9	66.4	63.8
9.	Operating profits	75.6	-13.1	-59.0	—	50.8	-54.1	5.5	—
10.	Non-operating surplus/deficit	—	^	27.7	62.6	5.2	—	235.3	42.4
11.	Profits before tax	69.8	-18.4	-51.1	—	40.4	-64.1	10.5	—
12.	Tax provision	90.6	-27.6	-23.6	-50.1	41.9	5.2	38.8	-28.5
13.	Profits after tax	63.5	-15.1	-57.9	—	39.9	-85.7	0.5	—
14.	Dividend paid	14.1	4.2	-19.1	-28.2	-16.6	-27.7	-10.2	-1.0
15.	Profits retained	73.1	-17.5	-64.1	—	61.6	-97.2	2.3	—
16.	Gross saving	48.0	-6.6	-14.0	-23.7	25.9	-22.7	11.2	-99.8
17.	(a) Gross value added	46.8	1.3	5.5	0.1	27.4	15.3	27.2	-10.9
	(b) Net value added	55.3	-1.7	1.5	-7.5	35.3	12.7	27.1	-14.7
18.	Net worth @	41.9	23.7	6.0	-3.1	13.3	8.9	21.5	5.3
19.	Total borrowings @	42.1	17.3	22.6	11.1	43.2	14.7	38.1	23.2
	of which, from banks @	38.7	15.3	27.2	13.7	50.3	12.2	45.7	18.9
20.	Trade dues and other current liabilities @	86.7	-3.2	0.6	18.5	28.3	5.2	46.6	9.3
21.	(a) Gross fixed assets @	33.8	33.9	16.4	10.5	19.3	18.6	21.2	14.2
	(b) Net fixed assets @	39.9	38.6	17.9	8.8	28.3	20.7	18.5	9.6
22.	Inventories @	96.7	-12.6	11.8	-2.3	26.9	19.9	41.5	13.6
23.	(a) Gross physical assets @	60.9	9.4	15.6	8.4	20.2	18.8	31.1	13.9
	(b) Net physical assets @	69.4	7.8	16.5	6.3	28.0	20.6	31.4	12.0
24.	(a) Total gross assets @	54.7	11.1	14.5	8.8	24.7	12.2	31.1	13.8
	(b) Total net assets @	58.8	10.3	14.8	7.4	31.4	11.9	31.3	12.7
25.	Total earnings in foreign currencies	47.5	35.3	22.9	-8.2	23.6	8.4	7.3	4.1
	of which, Exports	47.0	36.3	24.0	-8.2	27.7	9.7	8.4	3.7
26.	Total expenditure in foreign currencies	52.8	43.9	-16.2	-26.1	0.9	23.5	-4.7	-2.7
	of which, Imports	52.9	47.0	-16.7	-28.4	-0.7	24.1	-8.6	-5.9
Note: Industry group ‘Edible Oils and Oil Cakes’ is subgroup of ‘Food Products and Beverages’.

Statement 11: Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Paper and Paper Products		Chemicals and Chemical Products		Basic Chemicals		Chemical Fertilizers and Pesticides
Item		(57)		(385)		(64)		(43)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		18	19	20	21	22	23	24	25
1.	Sales+	12.4	3.1	13.1	20.0	10.8	13.4	9.0	44.6
2.	Value of production	12.9	3.2	12.7	20.3	11.2	13.2	7.8	47.3
3.	Total Income	13.5	3.9	13.3	19.5	13.4	11.1	6.3	47.9
4.	Manufacturing expenses	14.8	7.4	11.9	22.1	14.8	14.1	4.1	49.8
5.	Remuneration to employees	11.8	-8.4	16.6	18.9	21.8	18.0	16.1	24.3
6.	Depreciation provision	14.3	-1.0	12.0	10.4	6.8	13.4	2.1	5.5
7.	Gross profits	13.6	-15.3	14.7	-6.0	-3.3	-28.3	17.8	17.7
8.	Interest	25.3	44.2	16.1	31.0	-1.3	30.5	9.7	7.0
9.	Operating profits	8.9	-43.0	14.4	-12.9	-3.8	-44.2	21.6	22.1
10.	Non-operating surplus/deficit	^	#	26.5	-67.3	#	-97.6	-2.1	-26.9
11.	Profits before tax	9.7	-37.1	15.6	-18.7	12.9	-47.9	15.4	11.3
12.	Tax provision	13.1	-3.4	25.6	-1.2	12.2	-20.6	21.1	29.9
13.	Profits after tax	8.9	-44.5	12.6	-24.6	13.1	-54.6	12.6	1.5
14.	Dividend paid	13.8	-24.6	27.1	-14.9	20.9	-8.1	48.0	-20.4
15.	Profits retained	7.8	-49.4	5.6	-30.2	12.2	-59.9	–	13.1
16.	Gross saving	11.0	-24.7	7.7	-16.5	10.3	-35.1	0.9	9.7
17.	(a) Gross value added	12.7	-12.3	15.2	1.5	2.6	-12.7	14.3	14.0
	(b) Net value added	12.2	-15.6	15.7	–	1.7	-19.1	17.7	16.1
18.	Net worth @	21.1	-9.0	19.9	12.3	26.4	10.1	16.7	9.9
19.	Total borrowings @	17.8	16.9	12.0	23.2	10.3	14.9	4.8	18.2
	of which, from banks @	26.6	27.6	22.8	27.6	22.9	26.0	14.0	22.8
20.	Trade dues and other current liabilities @	16.2	-0.4	14.3	31.3	2.6	16.8	17.5	63.1
21.	(a) Gross fixed assets @	15.2	-5.2	12.6	14.4	12.0	14.5	5.8	11.5
	(b) Net fixed assets @	17.2	-0.4	13.1	15.8	11.4	15.3	3.8	14.6
22.	Inventories @	18.4	-2.3	16.5	14.0	22.4	5.2	11.4	28.2
23.	(a) Gross physical assets @	15.6	-4.9	13.4	14.3	13.3	13.3	6.6	14.1
	(b) Net physical assets @	17.3	-0.7	14.0	15.3	13.3	13.5	5.8	18.3
24.	(a) Total gross assets @	16.7	-0.9	15.5	17.1	15.5	13.1	11.3	18.9
	(b) Total net assets @	18.4	3.3	16.4	18.2	16.2	13.1	12.4	22.4
25.	Total earnings in foreign currencies	0.1	-16.3	15.4	22.6	5.7	22.0	17.0	56.3
	of which, Exports	6.1	-16.5	16.0	22.4	5.3	20.1	17.1	58.8
26.	Total expenditure in foreign currencies	22.3	0.1	14.1	40.2	19.1	19.8	11.4	99.0
	of which, Imports	21.4	-1.8	12.9	42.6	20.9	19.1	7.7	106.3
Note: Industry groups viz., ‘Basic Chemicals’ and ‘Chemical Fertilizers and Pesticides’ are subgroups of ‘Chemicals and Chemical Products’.

Statement 11 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Paints and Varnishes		Pharmaceuticals and Medicines		Rubber and Plastic Products		Tyres and Tubes
Item		(24)		(107)		(120)		(8)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		26	27	28	29	30	31	32	33
1.	Sales+	11.1	15.8	15.5	14.9	15.8	14.5	10.3	13.4
2.	Value of production	10.2	14.7	15.0	15.1	16.5	12.4	10.8	11.0
3.	Total Income	5.1	16.6	18.6	12.6	15.2	12.4	6.4	11.3
4.	Manufacturing expenses	6.9	12.9	17.3	14.8	14.3	13.5	9.0	14.3
5.	Remuneration to employees	9.5	13.3	20.7	18.9	18.0	14.5	13.7	11.1
6.	Depreciation provision	-0.3	7.5	21.7	12.9	11.9	8.5	11.3	5.9
7.	Gross profits	33.2	2.8	11.8	-9.2	35.1	-10.9	21.9	-17.8
8.	Interest	-4.5	24.5	28.8	54.4	23.1	26.0	3.1	29.0
9.	Operating profits	38.6	0.6	10.1	-16.4	40.4	-25.4	28.0	-30.0
10.	Non-operating surplus/deficit	-95.9	#	#	—	-72.5	-3.0	—	^
11.	Profits before tax	-9.1	19.9	17.8	-24.6	18.7	-24.4	-26.7	-26.8
12.	Tax provision	-9.4	14.4	31.8	-7.9	46.3	-24.4	28.6	-20.4
13.	Profits after tax	-9.0	22.6	14.6	-29.0	10.6	-24.4	-39.0	-29.8
14.	Dividend paid	-19.7	12.8	18.8	-10.2	19.2	-15.6	1.3	27.2
15.	Profits retained	-2.1	27.7	13.1	-36.1	8.9	-26.5	-43.0	-40.0
16.	Gross saving	-1.6	21.8	14.9	-25.0	10.2	-11.3	-26.0	-18.3
17.	(a) Gross value added	23.5	6.4	15.4	-0.8	25.2	-1.8	17.9	-4.4
	(b) Net value added	27.0	6.3	14.7	-2.4	28.6	-4.0	19.5	-6.8
18.	Net worth @	12.6	18.3	23.1	15.0	29.5	8.3	10.7	5.8
19.	Total borrowings @	8.0	2.3	15.6	29.9	17.0	20.8	-4.8	40.0
	of which, from banks @	3.8	1.4	35.5	33.8	19.5	26.6	-5.2	47.3
20.	Trade dues and other current
	liabilities @	16.6	-4.6	12.9	47.2	13.8	7.3	8.7	1.9
21.	(a) Gross fixed assets @	14.1	9.9	19.0	17.1	12.5	17.0	8.8	18.7
	(b) Net fixed assets @	18.8	14.8	18.7	16.2	15.0	21.6	8.2	25.8
22.	Inventories @	10.4	-1.4	14.8	17.6	27.7	-0.8	24.2	1.7
23.	(a) Gross physical assets @	13.0	6.5	17.8	17.3	14.9	13.9	11.2	15.8
	(b) Net physical assets @	14.7	7.4	17.4	16.6	18.0	15.8	12.1	19.3
24.	(a) Total gross assets @	12.3	7.5	20.0	21.9	18.7	12.2	7.4	13.0
	(b) Total net assets @	13.0	8.2	20.1	22.1	21.7	12.9	6.6	14.4
25.	Total earnings in foreign currencies	14.2	15.7	16.9	20.8	6.1	14.9	-6.6	16.0
	of which, Exports	14.1	15.6	18.4	20.9	6.9	14.5	-6.2	15.6
26.	Total expenditure in foreign currencies	13.4	12.9	15.0	21.2	23.3	24.9	11.0	32.7
	of which, Imports	15.8	13.7	16.3	17.6	25.4	25.1	14.1	33.1
Note: 1. Industry groups viz., ‘Paints and varnishes’ and ‘Pharmaceuticals and Medicines’ are subgroups of ‘Chemicals and Chemical Products’. 2. Industry group ‘Tyres and Tubes’ is subgroup of ‘Rubber and Plastic Products’.

Statement 11: Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Plastic Products		Ceramics		Cement and Cement Prodcuts		Iron and Steel
Item		(73)		(40)		(53)		(97)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		34	35	36	37	38	39	40	41
1.	Sales+	24.0	15.7	23.5	18.0	18.1	16.0	22.9	15.9
2.	Value of production	24.8	13.6	21.9	17.1	19.0	15.1	23.7	13.6
3.	Total Income	25.7	13.5	23.8	16.2	20.1	13.2	24.8	12.4
4.	Manufacturing expenses	22.4	11.8	23.9	18.7	15.5	28.3	24.5	16.7
5.	Remuneration to employees	27.1	20.0	28.1	19.6	24.8	18.1	30.0	17.1
6.	Depreciation provision	11.0	10.8	21.2	9.7	10.8	23.3	15.2	12.4
7.	Gross profits	47.2	-1.8	19.9	6.8	30.1	-4.1	29.5	-16.7
8.	Interest	34.9	26.0	25.6	22.9	10.6	23.8	37.9	33.4
9.	Operating profits	54.2	-15.7	17.1	-1.6	32.7	-7.2	27.2	-31.5
10.	Non-operating surplus/deficit	#	8.9	#	—	103.0	—	^	#
11.	Profits before tax	77.4	-13.7	38.3	-12.0	35.3	-15.5	27.8	-29.5
12.	Tax provision	58.2	-21.2	21.5	5.6	40.7	-24.0	16.2	-9.4
13.	Profits after tax	84.3	-11.4	44.9	-17.9	33.3	-12.2	32.4	-36.5
14.	Dividend paid	16.0	-21.5	6.4	-18.0	26.9	-11.5	28.5	-12.5
15.	Profits retained	119.4	-8.7	53.8	-17.9	34.7	-12.4	33.1	-41.3
16.	Gross saving	55.2	-0.4	36.4	-4.8	28.2	-4.0	26.9	-24.4
17.	(a) Gross value added	33.2	2.6	22.9	10.7	25.0	1.8	27.5	-8.3
	(b) Net value added	39.9	0.6	23.3	11.0	27.4	-1.5	30.1	-12.1
18.	Net worth @	56.7	10.0	46.5	8.6	40.3	25.1	59.6	9.4
19.	Total borrowings @	26.5	17.1	8.9	28.3	20.4	29.2	38.1	30.9
	of which, from banks @	36.9	22.5	5.9	30.7	45.7	34.0	44.7	56.7
20.	Trade dues and other current liabilities @	19.7	14.1	13.9	18.8	47.1	16.3	23.9	36.4
21.	(a) Gross fixed assets @	16.8	17.4	22.8	15.9	26.9	22.7	23.2	22.2
	(b) Net fixed assets @	22.0	21.8	23.6	16.6	35.1	26.4	25.3	24.2
22.	Inventories @	31.2	5.4	16.9	11.7	30.9	26.6	33.1	2.5
23.	(a) Gross physical assets @	18.9	15.5	21.6	15.1	27.3	23.1	24.8	18.9
	(b) Net physical assets @	24.0	17.9	21.7	15.3	34.5	26.4	26.9	19.5
24.	(a) Total gross assets @	28.9	13.2	22.8	16.3	29.1	22.6	38.4	20.9
	(b) Total net assets @	34.5	13.9	23.2	16.7	34.4	24.6	42.4	21.6
25.	Total earnings in foreign currencies	8.3	7.2	2.8	17.9	-17.2	14.3	18.8	7.3
	of which, Exports	10.3	6.7	1.5	19.4	-18.1	12.7	19.2	16.8
26.	Total expenditure in foreign currencies	40.1	19.7	9.7	34.1	211.2	-41.8	34.6	26.6
	of which, Imports	40.8	20.8	8.7	32.7	49.7	23.8	32.9	34.2
Note : Industry group ‘Plastic Products’ is subgroup of ‘Rubber and plastic Products’.

Statement 11 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Fabricated Metal Products		Machinery and Machine Tools		Electrical Machinery and Apparatus		Radio, Television& Communication Equip. & Apparatus
Item		(86)		(207)		(123)		(42)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		42	43	44	45	46	47	48	49
1.	Sales+	29.3	17.3	20.3	7.9	28.6	12.1	9.5	14.7
2.	Value of production	25.9	18.4	21.1	6.5	29.3	9.5	9.2	13.3
3.	Total Income	27.8	17.3	20.9	6.1	32.2	9.3	7.5	8.7
4.	Manufacturing expenses	26.9	21.9	21.3	6.9	34.4	9.1	9.5	18.3
5.	Remuneration to employees	30.1	9.5	18.5	13.2	22.5	17.2	0.6	6.2
6.	Depreciation provision	18.5	15.3	18.3	13.8	15.7	17.5	12.6	39.9
7.	Gross profits	22.9	-18.7	17.5	-6.4	42.4	-24.9	14.6	-4.7
8.	Interest	11.1	20.8	34.2	38.2	37.5	56.1	31.7	33.6
9.	Operating profits	27.9	-33.3	15.8	-11.7	43.1	-35.9	2.8	-38.6
10.	Non-operating surplus/deficit	#	—	42.3	-4.5	-58.5	123.0	—	^
11.	Profits before tax	47.0	-40.1	17.5	-11.2	35.2	-32.1	-40.3	-53.8
12.	Tax provision	34.5	-30.5	23.8	-5.1	46.9	-10.8	28.8	-7.2
13.	Profits after tax	51.5	-43.2	14.8	-14.0	31.0	-40.7	-50.5	-71.8
14.	Dividend paid	27.8	-18.1	12.0	27.5	18.9	-18.5	19.2	-32.6
15.	Profits retained	55.2	-46.3	15.5	-25.4	33.4	-44.6	-60.8	-89.4
16.	Gross saving	39.7	-24.2	16.4	-12.9	30.1	-34.2	-35.6	-11.8
17.	(a) Gross value added	23.2	-8.2	18.3	2.7	35.7	-10.6	10.9	6.3
	(b) Net value added	24.3	-13.4	18.4	1.1	37.6	-12.9	10.4	-2.3
18.	Net worth @	29.7	7.6	21.2	12.9	45.6	10.9	19.7	7.6
19.	Total borrowings @	0.3	21.4	33.5	6.5	38.8	39.9	11.6	37.7
	of which, from banks @	5.1	19.6	37.7	7.2	24.6	54.4	-23.1	156.5
20.	Trade dues and other current liabilities @	18.5	34.1	22.7	8.6	34.1	23.4	2.1	27.5
21.	(a) Gross fixed assets @	12.8	11.3	18.8	12.8	18.9	15.0	6.4	13.3
	(b) Net fixed assets @	11.8	9.2	23.9	13.2	24.7	18.5	12.8	10.6
22.	Inventories @	20.5	26.6	23.2	7.6	29.0	-0.3	10.0	9.0
23.	(a) Gross physical assets @	14.4	14.5	20.0	11.4	22.2	9.8	7.0	12.6
	(b) Net physical assets @	14.2	14.1	23.6	11.0	26.7	9.8	12.2	10.2
24.	(a) Total gross assets @	15.9	18.8	22.4	10.3	35.9	19.0	9.7	22.6
	(b) Total net assets @	16.1	19.4	24.5	9.9	39.9	20.2	13.2	23.7
25.	Total earnings in foreign currencies	39.1	10.4	7.3	24.2	49.7	32.4	30.6	17.0
	of which, Exports	36.3	7.6	7.0	23.1	38.4	37.6	36.2	17.4
26.	Total expenditure in foreign currencies	41.0	38.4	20.7	14.5	36.1	25.9	0.4	7.8
	of which, Imports	44.4	38.9	18.3	13.6	31.8	19.4	-1.0	10.7

Statement 11: Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Motor Vehicles and Other Transport Equipments		Construction		Wholesale and Retail Trade		Hotels and Restaurants
Item		(107)		(90)		(176)		(53)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		50	51	52	53	54	55	56	57
1.	Sales+	11.1	7.1	55.5	29.2	28.2	12.0	18.9	-7.7
2.	Value of production	13.3	4.9	54.7	28.5	29.1	8.8	18.9	-7.7
3.	Total Income	13.2	5.7	54.1	30.6	29.2	10.1	17.8	-4.4
4.	Manufacturing expenses	11.8	7.1	53.7	28.9	26.9	8.9	15.3	0.8
5.	Remuneration to employees	15.5	7.9	58.8	33.7	40.7	23.8	16.6	17.9
6.	Depreciation provision	23.0	23.7	45.0	38.4	38.4	16.0	6.1	14.1
7.	Gross profits	2.9	-27.8	65.6	3.7	36.8	1.1	20.5	-28.6
8.	Interest	22.4	74.8	70.3	72.6	38.2	32.0	6.4	6.4
9.	Operating profits	1.0	-39.7	64.0	-20.0	36.0	-17.3	23.3	-34.6
10.	Non-operating surplus/deficit	34.7	103.4	^	^	36.5	-19.2	^	#
11.	Profits before tax	2.9	-29.4	63.4	-16.1	36.1	-17.6	21.9	-29.0
12.	Tax provision	-10.0	-29.9	59.2	-7.4	33.1	-3.5	32.5	-28.7
13.	Profits after tax	8.5	-29.2	65.1	-19.4	37.3	-23.4	17.0	-29.2
14.	Dividend paid	1.2	-18.6	47.4	-6.9	-10.2	0.7	24.0	-24.6
15.	Profits retained	10.7	-32.2	68.2	-20.6	55.6	-28.8	14.8	-30.8
16.	Gross saving	14.8	-12.6	61.4	-5.0	50.1	-15.5	12.2	-18.5
17.	(a) Gross value added	11.9	-9.9	60.5	26.5	45.4	14.0	17.2	-12.8
	(b) Net value added	10.0	-16.5	62.0	25.5	46.2	13.8	18.5	-15.7
18.	Net worth @	21.3	20.7	53.6	11.6	20.8	12.5	20.8	20.9
19.	Total borrowings @	33.7	55.3	37.9	47.6	24.9	18.2	20.4	29.7
	of which, from banks @	45.5	62.0	45.9	56.4	47.4	17.5	6.6	25.6
20.	Trade dues and other current
	liabilities @	32.4	16.1	38.9	37.3	22.4	14.4	22.2	3.6
21.	(a) Gross fixed assets @	27.6	23.3	28.1	25.0	14.0	24.1	19.9	17.5
	(b) Net fixed assets @	38.1	29.0	26.1	22.4	11.6	25.9	22.4	18.7
22.	Inventories @	25.9	13.3	47.4	41.0	45.2	3.4	20.9	16.4
23.	(a) Gross physical assets @	27.3	21.4	37.2	32.9	26.7	14.5	20.0	17.5
	(b) Net physical assets @	34.4	24.5	37.6	32.7	27.6	13.7	22.4	18.7
24.	(a) Total gross assets @	24.6	24.1	42.9	31.1	22.7	14.6	19.3	20.4
	(b) Total net assets @	27.4	26.3	43.4	30.9	22.8	14.4	20.7	21.7
25.	Total earnings in foreign currencies	15.3	38.1	55.3	89.6	44.2	13.0	14.5	-16.9
	of which, Exports	14.6	35.9	-8.7	34.6	46.1	12.1	1.8	10.0
26.	Total expenditure in foreign currencies	19.5	19.4	57.6	81.7	32.3	26.5	36.2	-12.0
	of which, Imports	21.1	16.9	29.7	40.7	32.2	26.3	58.6	-26.8

Statement 11 : Growth Rates of the Select Items of the Select 3,192 Public Limited Companies, Industry-wise, 2007-08 and 2008-09 (Concld.)
(Per cent)
Industry/Industry group		Transport, Storage and Communications		Real Estate Activities		Computer and Related Activities		All Industries
		(120)		(51)		(141)		(3192)
Item		2007-08	2008-09	2007-08	2008-09	2007-08	2008-09	2007-08	2008-09
1		58	59	60	61	62	63	64	65
1.	Sales+	29.2	19.4	82.2	-40.9	27.3	23.8	21.1	14.6
2.	Value of production	28.8	19.6	78.2	-42.0	27.3	23.7	21.6	13.7
3.	Total Income	24.2	29.6	81.8	-35.4	31.5	22.1	22.6	13.9
4.	Manufacturing expenses	24.1	27.7	73.8	-47.2	32.5	22.6	21.4	15.4
5.	Remuneration to employees	30.9	17.9	67.0	6.8	28.9	23.5	25.1	19.0
6.	Depreciation provision	25.3	14.2	59.1	61.4	28.9	19.7	17.0	15.8
7.	Gross profits	76.0	-18.5	94.9	-28.2	25.8	11.3	29.8	-9.8
8.	Interest	54.6	58.6	85.8	73.5	98.7	78.7	32.7	42.7
9.	Operating profits	83.9	-42.3	96.7	-47.8	24.7	9.6	29.3	-20.0
10.	Non-operating surplus/deficit	—	#	350.6	-16.2	#	-45.7	-19.3	145.6
11.	Profits before tax	10.0	38.2	108.7	-44.6	34.3	5.9	27.3	-15.7
12.	Tax provision	30.4	16.5	78.8	-55.9	89.0	3.5	29.3	-12.4
13.	Profits after tax	5.9	43.4	118.6	-41.5	25.7	6.5	26.6	-16.7
14.	Dividend paid	14.6	34.0	97.4	-61.1	45.6	-14.9	26.1	-10.6
15.	Profits retained	5.0	44.6	122.8	-38.1	18.5	15.8	26.8	-18.3
16.	Gross saving	17.1	25.2	120.7	-35.6	20.5	16.5	23.4	-7.3
17.	(a) Gross value added	46.7	4.6	90.9	-37.0	27.2	19.2	26.6	1.7
	(b) Net value added	60.3	-0.1	91.5	-38.6	27.1	19.1	28.4	-0.7
18.	Net worth @	17.8	54.0	229.0	13.0	29.7	16.3	32.3	20.6
19.	Total borrowings @	41.4	44.9	62.7	9.0	148.8	31.8	28.9	29.0
	of which, from banks @	52.5	25.5	46.7	17.3	157.0	44.3	37.0	30.0
20.	Trade dues and other current liabilities @	48.9	2.2	15.3	4.0	21.7	48.4	29.3	20.8
21.	(a) Gross fixed assets @	21.9	19.7	67.1	16.7	33.2	24.6	21.1	18.4
	(b) Net fixed assets @	22.2	17.3	72.5	15.1	36.5	25.1	24.4	19.9
22.	Inventories @	6.7	12.0	74.1	17.2	73.7	11.0	32.5	14.8
23.	(a) Gross physical assets @	21.7	19.6	72.6	17.1	34.2	24.2	23.2	17.7
	(b) Net physical assets @	22.0	17.2	73.8	16.8	38.0	24.4	26.5	18.6
24.	(a) Total gross assets @	30.0	36.7	84.2	8.9	38.4	21.6	27.8	21.3
	(b) Total net assets @	31.6	38.1	84.8	8.7	39.6	21.3	30.4	22.3
25.	Total earnings in foreign currencies	-16.1	26.5	-13.6	-52.9	25.0	27.7	20.1	18.2
	of which, Exports	427.1	63.7	41.3	1.2	25.3	17.7	19.8	15.6
26.	Total expenditure in foreign currencies	65.3	-7.0	125.0	-26.8	19.3	22.1	27.5	16.2
	of which, Imports	87.7	-24.1	182.2	-4.6	25.7	5.4	24.6	14.1
For footnotes, please refer to statement 7.

Statement 12 : Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09
(Per cent)
Industry/Industry group		Tea Plantations			Mining and Quarrying			Food Products and Beverages
Item		(34)			(50)			(241)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		2	3	4	5	6	7	8	9	10
A.	Capital structure ratios
1.	Net fixed assets to net total assets	40.8	38.3	38.2	38.2	32.0	35.1	39.9	40.1	40.8
2.	Net worth to net total assets	40.1	39.3	40.4	49.2	54.2	51.4	35.1	32.6	33.7
3.	Debt to equity	38.7	36.9	49.7	50.6	46.1	54.3	60.0	60.3	60.4
4.	Debt to equity (equity adjusted for revaluation reserve)	58.9	57.0	74.2	50.7	46.1	54.3	62.3	62.5	63.5
5.	Short term bank borrowings to inventories	294.0	245.5	145.5	48.3	68.5	126.3	74.8	75.0	88.6
6.	Total outside liabilities to net worth	149.3	154.7	147.6	103.5	84.6	94.4	185.1	206.6	196.9
B.	Liquidity ratios
7.	Current assets to current liabilities *	0.6	0.7	0.9	1.7	2.1	2.0	1.2	1.1	1.1
8.	Quick assets to current liabilities	31.0	25.8	38.4	102.6	112.7	80.9	50.2	38.1	39.0
9.	Current assets to net total assets	27.5	31.1	34.4	44.5	43.2	40.5	52.9	53.3	50.9
10.	Sundry creditors to current assets	44.3	40.8	39.1	16.9	15.5	19.2	31.9	37.3	34.1
11.	Sundry creditors to net working capital	#	#	#	40.1	29.7	39.0	170.7	305.0	316.8
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	41.3	41.9	52.7	80.6	71.6	65.5	128.1	116.6	119.6
13.	Sales to gross fixed assets	65.5	70.8	87.9	150.7	159.3	140.5	226.6	212.7	215.1
14.	Inventories to sales	16.3	16.0	16.3	6.3	5.6	6.5	14.5	18.5	16.3
15.	Sundry debtors to sales	6.2	6.5	7.6	15.0	14.4	11.7	7.9	8.3	8.2
16.	Exports to sales	15.3	14.1	18.0	21.5	27.9	28.0	13.2	13.0	13.5
17.	Gross value added to gross fixed assets	26.6	22.3	33.6	50.2	63.8	47.5	31.0	25.8	26.2
18.	Raw materials consumed to value of production	20.2	26.9	31.7	45.7	39.5	39.2	66.7	69.2	68.0
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		—	59.4		23.7	48.1		45.0	51.0
20.	Gross capital formation to total uses of funds		—	159.9		25.1	52.8		73.7	56.7
21.	External sources of funds to total sources of funds		161.8	—		55.0	58.9		81.3	60.1
22.	Increase in bank borrowings to total external sources		—	^		25.9	54.5		35.7	65.4
23.	Gross savings to gross capital formation		^	113.0		182.3	87.2		26.0	60.2
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	—	1.9	7.5	21.5	24.7	19.4	10.4	7.3	8.0
25.	Gross profits to sales	—	4.6	14.2	26.6	34.6	29.7	8.1	6.3	6.6
26.	Profits after tax to net worth	—	4.5	10.3	28.1	28.7	23.3	17.3	10.7	11.9
27.	Tax provision to profits before tax **	15.5	24.9	28.7	28.9	30.9	29.6	27.1	30.1	29.8
28.	Profits retained to profits after tax **	70.5	37.7	54.5	78.7	81.1	88.5	76.0	75.8	71.4
29.	Dividends to net worth	4.0	8.3	4.8	5.7	5.5	2.8	4.0	2.9	3.9
30.	Ordinary dividends to ordinary paid-up capital	41.9	90.8	53.3	29.1	28.2	17.3	20.8	18.1	27.1
* Item B.7 is the actual ratio of current assets to current liabilities. ** Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09. @ Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc.

Statement 12: Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Sugar			Edible Oils and Oil Cakes			Cotton Textiles
Item		(40)			(35)			(99)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		11	12	13	14	15	16	17	18	19
A.	Capital structure ratios
1.	Net fixed assets to net total assets	53.9	57.2	56.3	27.1	23.9	30.1	54.9	56.5	57.5
2.	Net worth to net total assets	35.7	26.0	27.0	28.0	25.1	28.1	29.3	27.1	25.0
3.	Debt to equity	84.8	119.2	114.7	50.0	49.1	58.7	124.0	147.7	162.0
4.	Debt to equity (equity adjusted for revaluation reserve)	87.5	123.3	127.5	51.1	50.0	59.4	127.3	152.1	172.1
5.	Short term bank borrowings to inventories	65.8	108.4	122.1	63.2	46.1	52.4	95.0	96.5	109.0
6.	Total outside liabilities to net worth	180.1	284.9	270.6	257.2	299.1	256.0	241.7	268.8	300.5
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.3	0.9	0.9	1.2	1.2	1.2	1.1	1.2	1.1
8.	Quick assets to current liabilities	35.4	14.8	12.4	50.7	42.2	48.3	36.3	37.6	39.4
9.	Current assets to net total assets	42.1	38.3	37.9	67.2	72.1	65.7	39.4	38.6	37.9
10.	Sundry creditors to current assets	30.4	39.9	28.3	39.2	44.9	45.9	17.8	16.6	17.5
11.	Sundry creditors to net working capital	136.0	#	#	284.5	341.3	292.2	137.2	107.3	187.9
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	67.6	47.0	45.2	233.6	188.2	204.8	65.3	65.8	65.2
13.	Sales to gross fixed assets	96.5	65.4	62.8	604.5	577.4	517.8	80.4	79.9	76.8
14.	Inventories to sales	26.2	39.2	41.1	12.5	19.2	14.0	25.4	24.5	22.4
15.	Sundry debtors to sales	5.7	6.2	5.2	6.6	7.0	6.0	13.8	14.5	15.3
16.	Exports to sales	5.1	6.9	6.6	11.0	12.7	14.4	28.1	30.1	25.8
17.	Gross value added to gross fixed assets	21.8	9.2	13.8	32.7	35.8	27.1	16.8	15.2	13.7
18.	Raw materials consumed to value of production	65.3	74.3	63.4	83.5	83.8	84.5	56.8	60.1	60.6
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		69.5	55.5		21.4	91.3		72.9	78.2
20.	Gross capital formation to total uses of funds		88.2	73.1		67.7	53.4		83.6	74.8
21.	External sources of funds to total sources of funds		97.9	67.1		83.0	57.9		71.1	84.2
22.	Increase in bank borrowings to total external sources		60.7	100.8		17.3	43.3		88.8	69.0
23.	Gross savings to gross capital formation		5.2	47.5		21.1	79.1		35.0	42.8
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	10.2	1.5	4.9	8.7	8.8	7.6	5.8	4.4	3.1
25.	Gross profits to sales	15.0	3.2	10.9	3.7	4.7	3.7	8.9	6.7	4.7
26.	Profits after tax to net worth	17.1	—	10.3	15.3	17.6	12.1	9.1	3.6	—
27.	Tax provision to profits before tax **	19.5	16.7	16.7	22.0	26.0	21.9	19.5	18.9	12.7
28.	Profits retained to profits after tax **	90.8	80.9	84.4	84.9	89.5	87.8	87.0	84.8	86.3
29.	Dividends to net worth	3.1	0.6	3.2	2.5	2.0	1.7	1.3	1.0	0.7
30.	Ordinary dividends to ordinary paid-up capital	22.0	3.7	24.4	13.2	13.8	13.0	4.4	3.7	2.5
Notes: Industry groups viz, ‘Sugar’ and ‘Edible Oil and oil cakes’ are subgroups of ‘Food products and Beverages’.

Statement 12 : Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Man-made Textiles			Apparel			Paper and Paper Products
Item		(54)			(38)			(57)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		20	21	22	23	24	25	26	27	28
A.	Capital structure ratios
1.	Net fixed assets to net total assets	56.5	55.4	60.0	26.9	24.3	23.7	62.1	61.5	59.2
2.	Net worth to net total assets	28.0	24.6	24.1	45.4	42.0	39.3	38.9	39.8	35.0
3.	Debt to equity	129.0	163.7	188.0	29.2	32.3	41.1	79.7	72.7	100.9
4.	Debt to equity (equity adjusted for revaluation reserve)	134.9	174.2	208.0	29.2	32.3	41.2	82.6	74.8	103.9
5.	Short term bank borrowings to inventories	140.0	150.1	106.9	66.5	67.5	72.0	81.3	102.7	98.6
6.	Total outside liabilities to net worth	256.8	306.3	315.1	120.3	138.0	154.6	157.0	151.4	185.5
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.1	1.2	1.2	1.5	1.5	1.5	1.2	1.1	1.3
8.	Quick assets to current liabilities	51.7	55.6	48.7	44.3	40.7	37.8	58.6	48.4	55.0
9.	Current assets to net total assets	39.1	41.2	35.6	62.4	67.5	67.3	36.6	34.6	37.6
10.	Sundry creditors to current assets	18.9	18.1	17.2	15.2	15.3	15.5	22.6	24.5	22.4
11.	Sundry creditors to net working capital	212.7	118.9	116.9	44.7	44.2	45.5	124.3	243.9	99.7
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	69.7	62.7	65.9	93.6	89.8	90.8	69.1	65.6	65.5
13.	Sales to gross fixed assets	80.3	79.3	78.6	257.2	267.3	266.6	73.6	71.8	78.1
14.	Inventories to sales	17.8	19.0	19.4	36.5	41.0	40.9	15.8	16.6	15.7
15.	Sundry debtors to sales	17.3	16.8	16.9	13.4	13.5	13.4	13.5	14.5	14.2
16.	Exports to sales	20.5	22.0	20.4	59.0	50.8	46.2	5.8	5.5	4.4
17.	Gross value added to gross fixed assets	13.1	13.9	13.5	61.4	64.4	50.2	17.6	17.2	15.9
18.	Raw materials consumed to value of production	63.3	63.0	63.0	52.7	53.9	53.3	42.8	43.9	46.5
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		52.1	97.3		22.7	33.0		64.9	^
20.	Gross capital formation to total uses of funds		62.4	113.0		64.3	67.6		73.9	^
21.	External sources of funds to total sources of funds		87.7	67.4		78.4	113.4		59.4	#
22.	Increase in bank borrowings to total external sources		80.4	61.3		55.2	41.2		56.4	107.0
23.	Gross savings to gross capital formation		33.1	22.7		33.8	0.1		51.1	#
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	4.8	5.5	5.1	9.1	8.4	3.0	8.3	7.9	6.5
25.	Gross profits to sales	6.9	8.8	7.7	9.7	9.3	3.4	11.9	12.1	9.9
26.	Profits after tax to net worth	7.6	9.1	1.2	11.1	9.2	—	12.0	10.8	6.6
27.	Tax provision to profits before tax **	17.1	22.7	20.9	23.9	28.8	34.0	16.8	17.5	22.8
28.	Profits retained to profits after tax **	83.3	86.8	90.8	87.7	87.3	80.8	81.7	80.7	79.6
29.	Dividends to net worth	2.1	1.5	1.0	1.6	1.2	1.1	2.3	2.1	1.8
30.	Ordinary dividends to ordinary paid-up capital	9.2	8.5	5.9	9.6	7.9	7.8	9.9	10.4	10.8

Statement 12: Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Chemicals and Chemical products			Basic Chemicals			Chemical Fertiliser and Pesticides
Item		(385)			(64)			(43)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		29	30	31	32	33	34	35	36	37
A.	Capital structure ratios
1.	Net fixed assets to net total assets	37.8	37.3	36.5	56.4	54.1	56.8	35.7	32.8	30.6
2.	Net worth to net total assets	44.0	45.7	43.2	36.8	40.0	40.3	40.4	41.8	37.5
3.	Debt to equity	45.6	36.6	41.1	84.8	67.9	72.8	53.1	33.8	39.0
4.	Debt to equity (equity adjusted for revaluation reserve)	46.9	38.1	42.2	86.5	68.9	78.4	56.8	35.6	40.7
5.	Short term bank borrowings to inventories	69.3	80.1	83.8	73.8	86.9	79.8	99.7	118.7	100.9
6.	Total outside liabilities to net worth	127.4	118.7	131.7	172.1	150.3	147.9	147.5	139.0	166.8
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.4	1.3	1.3	1.1	1.1	1.1	1.3	1.1	1.1
8.	Quick assets to current liabilities	65.9	57.2	59.3	44.6	41.6	46.1	62.1	47.8	46.4
9.	Current assets to net total assets	47.8	46.5	49.1	34.2	35.5	33.7	49.4	48.5	51.8
10.	Sundry creditors to current assets	26.5	26.9	25.0	28.4	26.1	26.7	25.3	27.2	30.2
11.	Sundry creditors to net working capital	102.0	130.6	115.8	408.9	313.3	240.9	107.2	281.7	388.8
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	84.1	81.1	82.8	78.5	74.9	73.4	75.6	73.5	87.0
13.	Sales to gross fixed assets	140.0	138.4	146.0	92.7	91.7	87.6	109.7	113.1	146.8
14.	Inventories to sales	17.1	17.7	16.8	14.5	16.1	14.9	16.6	17.0	15.0
15.	Sundry debtors to sales	17.6	17.3	17.0	11.3	11.9	11.2	23.1	18.7	17.4
16.	Exports to sales	21.9	22.5	22.9	25.2	23.9	25.3	11.1	11.9	13.1
17.	Gross value added to gross fixed assets	32.6	32.8	29.3	23.3	21.4	15.7	20.6	22.3	22.8
18.	Raw materials consumed to value of production	54.2	54.0	55.5	55.4	57.5	57.9	64.0	62.0	67.0
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		39.8	40.6		51.1	71.1		26.5	29.8
20.	Gross capital formation to total uses of funds		52.3	50.3		63.9	74.8		36.1	43.8
21.	External sources of funds to total sources of funds		51.8	73.2		34.2	64.1		61.6	70.3
22.	Increase in bank borrowings to total external sources		39.8	32.7		80.4	61.5		28.9	25.1
23.	Gross savings to gross capital formation		95.5	64.9		92.5	52.7		128.8	62.3
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	12.2	12.0	9.6	13.2	11.0	6.8	8.3	8.7	8.4
25.	Gross profits to sales	14.5	14.7	11.6	16.9	14.7	9.3	11.0	11.9	9.7
26.	Profits after tax to net worth	20.1	18.5	12.6	20.9	18.7	7.3	12.8	12.4	11.5
27.	Tax provision to profits before tax **	22.9	23.9	25.3	22.3	19.5	23.1	28.8	29.4	33.4
28.	Profits retained to profits after tax **	68.4	65.2	67.3	86.1	87.8	85.1	78.2	72.5	79.7
29.	Dividends to net worth	6.5	6.8	5.2	2.0	1.9	1.5	3.4	4.3	3.1
30.	Ordinary dividends to ordinary paid-up capital	43.7	55.7	45.0	6.9	8.3	7.5	15.5	26.6	20.7
Note: Industry groups viz., ‘Basic Chemicals’ and ‘Chemical Fertilizers and Pesticides’ are subgroups of ‘Chemicals and Chemical Products’.

Statement 12: Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Paints and Varnishes			Pharmaceuticals and Medicines			Rubber and Plastic products
Item		(24)			(107)			(120)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		38	39	40	41	42	43	44	45	46
A.	Capital structure ratios
1.	Net fixed assets to net total assets	23.8	25.9	28.8	30.7	30.4	28.9	44.6	42.1	45.1
2.	Net worth to net total assets	46.5	46.9	49.6	51.3	52.5	49.4	35.8	38.0	36.3
3.	Debt to equity	17.9	19.6	17.5	33.8	28.0	30.5	65.8	56.1	63.7
4.	Debt to equity (equity adjusted for revaluation reserve)	18.1	20.2	18.1	33.9	28.1	30.7	74.4	61.5	68.7
5.	Short term bank borrowings to inventories	37.7	30.6	34.3	69.1	84.8	94.5	100.9	102.1	123.6
6.	Total outside liabilities to net worth	115.3	113.2	101.7	95.1	90.5	102.3	179.4	163.0	175.4
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.2	1.3	1.4	1.7	1.6	1.6	1.1	1.2	1.1
8.	Quick assets to current liabilities	60.0	63.9	72.5	92.3	78.0	77.0	60.9	64.0	57.8
9.	Current assets to net total assets	55.7	57.3	58.4	53.6	50.5	54.2	45.9	48.2	45.1
10.	Sundry creditors to current assets	32.6	32.2	29.1	19.9	20.5	17.2	26.7	23.7	23.8
11.	Sundry creditors to net working capital	167.1	134.7	99.3	47.4	56.9	48.3	222.4	133.8	195.2
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	128.7	125.2	138.8	70.7	68.0	64.0	97.6	92.9	94.6
13.	Sales to gross fixed assets	258.6	246.1	257.5	171.6	166.4	163.5	128.9	132.6	129.7
14.	Inventories to sales	17.6	17.5	14.9	21.5	21.4	21.9	14.3	15.7	13.6
15.	Sundry debtors to sales	16.7	16.5	14.6	24.1	25.2	26.3	16.8	17.2	16.6
16.	Exports to sales	11.6	11.9	11.9	37.9	38.9	40.9	18.1	16.7	16.7
17.	Gross value added to gross fixed assets	46.2	48.9	47.0	54.4	52.7	44.7	22.9	25.5	21.4
18.	Raw materials consumed to value of production	59.7	58.0	56.4	43.1	43.8	43.9	65.8	64.7	65.4
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		45.2	53.8		35.3	29.0		38.6	75.8
20.	Gross capital formation to total uses of funds		60.5	50.6		45.5	39.5		54.4	75.1
21.	External sources of funds to total sources of funds		43.2	—		42.9	82.8		63.3	65.0
22.	Increase in bank borrowings to total external sources		7.2	#		53.6	27.3		27.6	56.3
23.	Gross savings to gross capital formation		105.9	223.9		119.5	78.6		68.2	56.2
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	12.9	15.1	14.8	14.9	13.9	10.3	8.7	9.7	7.7
25.	Gross profits to sales	10.0	12.0	10.7	21.1	20.4	16.1	8.9	10.4	8.1
26.	Profits after tax to net worth	25.4	20.0	22.2	21.8	20.3	12.5	16.2	13.8	9.7
27.	Tax provision to profits before tax **	30.5	33.3	31.6	18.9	19.7	20.4	20.0	26.8	24.9
28.	Profits retained to profits after tax **	66.5	65.2	67.3	77.1	76.9	73.0	84.9	81.4	81.7
29.	Dividends to net worth	9.9	6.9	7.1	5.7	5.5	4.3	2.9	2.7	2.1
30.	Ordinary dividends to ordinary paid-up capital	87.6	69.5	71.3	73.3	83.5	66.7	21.6	23.4	19.3
Note: Industry groups viz., ‘Paints and Varnishes’ and ‘Pharmaceuticals and Medicines’ are subgroups of ‘Chemicals and Chemical Products’.

Statement 12: Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Tyres and Tubes			Plastic Products			Ceramics
Item		(8)			(73)			(40)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		47	48	49	50	51	52	53	54	55
A.	Capital structure ratios
1.	Net fixed assets to net total assets	50.8	51.4	56.0	40.8	37.0	39.6	50.4	50.5	50.5
2.	Net worth to net total assets	44.2	45.7	41.7	28.9	33.7	32.6	37.2	44.2	41.1
3.	Debt to equity	39.8	31.9	41.9	104.9	80.9	87.4	62.0	41.5	53.1
4.	Debt to equity (equity adjusted for revaluation reserve)	52.9	40.8	51.4	104.6	80.7	87.3	62.8	42.7	54.5
5.	Short term bank borrowings to inventories	71.0	58.6	86.4	130.8	146.0	156.0	71.1	71.7	74.6
6.	Total outside liabilities to net worth	126.2	118.6	140.1	246.2	197.0	207.1	168.9	126.1	143.1
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.1	1.1	1.0	1.2	1.3	1.2	1.1	1.2	1.2
8.	Quick assets to current liabilities	50.9	49.0	43.6	66.4	75.2	63.5	49.3	49.4	49.8
9.	Current assets to net total assets	40.8	42.6	39.1	47.2	50.0	46.9	45.1	44.7	44.3
10.	Sundry creditors to current assets	38.0	39.9	38.4	19.9	15.4	17.4	30.2	26.6	26.1
11.	Sundry creditors to net working capital	497.5	491.2	#	142.8	63.0	89.7	245.9	158.0	155.6
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	118.8	123.4	123.6	77.4	71.3	72.4	83.4	83.6	84.5
13.	Sales to gross fixed assets	135.9	137.8	131.6	110.9	117.6	115.8	107.8	108.5	110.4
14.	Inventories to sales	13.5	15.3	13.7	15.2	16.1	14.6	23.9	22.6	21.4
15.	Sundry debtors to sales	13.1	12.0	10.7	20.7	22.0	21.7	18.3	18.2	18.0
16.	Exports to sales	15.4	13.1	13.3	16.2	14.4	13.3	9.1	7.5	7.6
17.	Gross value added to gross fixed assets	22.8	24.7	19.9	20.9	23.9	20.8	25.4	25.4	24.3
18.	Raw materials consumed to value of production	67.8	66.8	68.8	65.5	64.5	63.5	43.4	43.4	43.4
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		76.3	93.6		31.5	64.4		60.9	59.4
20.	Gross capital formation to total uses of funds		114.8	95.4		41.4	68.2		72.5	70.2
21.	External sources of funds to total sources of funds		16.0	69.1		72.9	65.1		39.7	65.0
22.	Increase in bank borrowings to total external sources		—	68.5		31.5	49.7		16.2	61.9
23.	Gross savings to gross capital formation		78.5	40.9		58.2	59.5		49.8	55.8
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	9.1	10.5	7.6	8.0	8.8	7.6	9.7	9.4	8.6
25.	Gross profits to sales	7.7	8.5	6.2	10.4	12.3	10.5	11.6	11.3	10.2
26.	Profits after tax to net worth	21.0	11.7	7.9	12.3	14.4	11.6	11.8	11.6	8.8
27.	Tax provision to profits before tax **	17.7	32.4	32.7	20.6	21.0	19.0	26.7	23.8	27.1
28.	Profits retained to profits after tax **	91.8	85.3	75.0	75.1	81.9	85.2	82.0	86.9	87.9
29.	Dividends to net worth	1.9	1.8	2.2	4.1	3.0	2.2	2.2	1.6	1.2
30.	Ordinary dividends to ordinary paid-up capital	37.1	33.5	41.9	19.1	19.5	15.1	13.5	13.4	9.8
Note: Industry groups viz, ‘Tyres and Tubes’ and ‘Plastic products’ are sub groups of ‘Rubber and Plastic Products’.

Statement 12 : Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Cement and Cement Products			Iron and Steel			Fabricated Metal Products
Item		(53)			(97)			(86)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		56	57	58	59	60	61	62	63	64
A.	Capital structure ratios
1.	Net fixed assets to net total assets	55.6	55.8	56.6	51.6	45.6	46.8	47.6	45.4	41.6
2.	Net worth to net total assets	41.8	43.6	44.0	33.2	37.4	34.1	31.3	36.2	32.4
3.	Debt to equity	74.2	61.0	61.6	101.3	81.2	85.0	93.1	62.0	74.8
4.	Debt to equity (equity adjusted for revaluation reserve)	79.4	63.6	63.7	105.9	83.3	88.4	94.0	63.2	76.0
5.	Short term bank borrowings to inventories	40.2	54.4	56.6	56.4	74.0	137.1	63.2	60.6	55.1
6.	Total outside liabilities to net worth	139.2	129.3	127.3	201.6	167.1	193.6	219.1	176.2	209.1
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.3	1.2	1.2	1.4	1.5	0.8	1.2	1.2	1.2
8.	Quick assets to current liabilities	60.2	54.3	50.7	69.7	31.7	26.5	54.6	49.3	49.4
9.	Current assets to net total assets	34.3	34.6	33.2	44.5	47.8	29.5	48.2	48.0	52.3
10.	Sundry creditors to current assets	23.7	25.3	24.6	26.2	20.6	29.4	28.0	27.5	30.5
11.	Sundry creditors to net working capital	107.9	170.1	177.8	92.4	58.6	#	153.1	192.6	176.5
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	74.8	65.8	60.3	73.5	63.2	59.9	82.7	90.5	89.3
13.	Sales to gross fixed assets	87.3	81.3	75.9	104.3	103.3	97.0	118.7	135.1	143.0
14.	Inventories to sales	12.4	13.7	14.9	18.3	19.8	17.5	21.2	19.7	21.3
15.	Sundry debtors to sales	5.4	5.7	5.9	10.6	10.5	9.4	18.0	17.2	17.4
16.	Exports to sales	4.6	3.2	3.1	20.5	19.9	20.0	23.5	24.7	22.7
17.	Gross value added to gross fixed assets	30.6	30.1	24.6	26.3	27.0	20.1	24.4	26.5	21.9
18.	Raw materials consumed to value of production	17.5	17.1	16.2	52.4	55.0	58.0	56.2	56.1	58.5
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		60.7	65.1		35.8	56.3		46.1	33.2
20.	Gross capital formation to total uses of funds		68.3	73.6		45.5	57.6		64.7	54.0
21.	External sources of funds to total sources of funds		46.5	48.8		70.8	80.2		38.1	74.0
22.	Increase in bank borrowings to total external sources		45.2	46.7		28.8	61.8		20.2	30.3
23.	Gross savings to gross capital formation		71.6	63.6		56.2	44.5		84.8	55.2
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	19.1	18.5	14.0	13.2	11.9	8.1	10.8	11.2	7.7
25.	Gross profits to sales	25.5	28.1	23.3	17.9	18.9	13.6	13.1	12.4	8.6
26.	Profits after tax to net worth	30.6	29.1	20.0	21.9	18.0	10.3	16.1	17.9	9.5
27.	Tax provision to profits before tax **	27.0	28.1	25.3	28.3	25.7	27.0	26.0	26.1	26.9
28.	Profits retained to profits after tax **	82.4	83.2	83.0	82.9	83.6	83.1	87.3	88.0	85.2
29.	Dividends to net worth	5.4	4.9	3.4	3.8	3.0	2.4	2.1	2.0	1.5
30.	Ordinary dividends to ordinary paid-up capital	47.0	58.1	48.8	28.8	34.1	27.0	11.0	12.4	11.1

Statement 12 : Select financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Machinery and Machine Tools			Electrical Machinery and Apparatus			Radio, Television and Communication Equip. and Apparatus
Item		(207)			(123)			(42)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		65	66	67	68	69	70	71	72	73
A.	Capital structure ratios
1.	Net fixed assets to net total assets	26.6	26.4	27.3	21.5	19.2	19.0	42.5	40.2	35.9
2.	Net worth to net total assets	44.4	43.2	44.4	41.7	43.4	40.3	36.7	36.5	31.7
3.	Debt to equity	21.5	23.3	19.2	23.8	24.8	27.3	42.9	66.7	34.7
4.	Debt to equity (equity adjusted for revaluation reserve)	21.9	23.6	19.5	24.3	25.1	27.6	75.7	94.7	47.3
5.	Short term bank borrowings to inventories	46.1	52.7	54.7	57.8	58.7	96.3	180.1	118.1	295.0
6.	Total outside liabilities to net worth	125.0	131.7	125.0	139.9	130.3	148.3	172.5	174.3	215.7
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.4	1.4	1.4	1.4	1.5	1.3	1.2	1.3	0.9
8.	Quick assets to current liabilities	82.2	79.2	77.8	83.7	87.7	79.6	56.6	68.0	40.5
9.	Current assets to net total assets	65.5	65.7	64.8	68.8	66.4	63.6	53.5	48.2	51.8
10.	Sundry creditors to current assets	30.9	30.7	30.0	30.7	30.2	26.5	27.0	23.4	21.2
11.	Sundry creditors to net working capital	102.5	104.2	106.8	100.9	95.9	110.1	204.5	113.6	#
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	115.1	111.5	109.2	107.1	98.5	91.5	65.9	66.2	61.5
13.	Sales to gross fixed assets	232.6	236.7	225.3	284.1	307.1	296.9	100.1	103.1	104.3
14.	Inventories to sales	14.8	15.2	15.1	16.9	17.0	15.1	18.8	18.9	17.9
15.	Sundry debtors to sales	21.8	21.7	22.1	27.0	30.9	33.5	29.0	30.2	31.1
16.	Exports to sales	14.9	13.3	15.1	13.9	15.0	18.4	6.7	8.3	8.5
17.	Gross value added to gross fixed assets	51.8	51.8	47.0	57.6	65.7	50.6	18.2	19.0	17.8
18.	Raw materials consumed to value of production	63.7	63.8	64.1	66.8	67.0	67.1	67.2	68.1	65.4
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		33.9	48.5		17.1	22.4		35.2	30.6
20.	Gross capital formation to total uses of funds		48.3	58.8		29.7	22.2		45.5	34.7
21.	External sources of funds to total sources of funds		53.0	36.6		66.2	76.4		56.2	82.7
22.	Increase in bank borrowings to total external sources		35.7	24.3		13.0	43.3		—	114.7
23.	Gross savings to gross capital formation		94.7	120.4		106.8	130.7		82.8	37.7
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	14.2	13.4	11.4	14.2	14.4	9.0	6.1	6.4	4.9
25.	Gross profits to sales	12.3	12.0	10.4	13.2	14.6	9.8	9.2	9.6	8.0
26.	Profits after tax to net worth	21.4	20.4	15.5	23.7	21.3	11.3	14.4	6.6	1.7
27.	Tax provision to profits before tax **	30.9	32.1	33.6	29.6	31.7	33.2	13.0	15.4	14.8
28.	Profits retained to profits after tax **	77.8	79.0	69.5	83.3	84.7	83.1	86.5	85.1	89.8
29.	Dividends to net worth	4.7	4.4	4.9	3.9	3.2	2.3	1.8	2.0	1.3
30.	Ordinary dividends to
	ordinary paid-up capital	38.5	40.7	50.2	35.6	39.8	30.2	13.0	14.2	8.8

Statement 12 : Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Contd.)
(Per cent)
Industry/Industry group		Motor Vehicles and Other Transport Equipments			Construction			Wholesale and Retail Trade
Item		(107)			(90)			(176)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		74	75	76	77	78	79	80	81	82
A.	Capital structure ratios
1.	Net fixed assets to net total assets	33.9	36.8	38.1	19.9	19.0	17.8	15.5	14.1	15.5
2.	Net worth to net total assets	44.2	42.1	40.7	31.8	35.2	30.2	41.3	40.7	40.0
3.	Debt to equity	33.4	35.6	41.0	49.3	36.6	44.5	40.7	35.4	39.5
4.	Debt to equity (equity adjusted for revaluation reserve)	34.0	36.2	42.7	50.2	37.1	44.9	41.2	35.7	39.8
5.	Short term bank borrowings to inventories	47.0	55.1	82.5	55.1	57.5	67.4	75.0	83.6	87.3
6.	Total outside liabilities to net worth	126.4	137.5	145.8	214.7	183.9	231.4	142.0	145.9	150.0
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.3	1.1	1.0	1.4	1.4	1.3	1.8	1.7	1.6
8.	Quick assets to current liabilities	54.6	47.6	39.4	50.7	51.5	45.5	93.0	88.6	68.7
9.	Current assets to net total assets	51.5	46.6	41.1	71.1	71.1	73.5	75.3	75.4	69.1
10.	Sundry creditors to current assets	34.5	36.8	39.9	20.9	19.8	19.7	26.2	28.8	24.2
11.	Sundry creditors to net working capital	160.8	402.5	#	79.6	72.8	84.2	59.0	71.2	66.8
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	133.1	116.0	97.0	67.3	71.6	70.5	124.9	130.5	127.8
13.	Sales to gross fixed assets	223.5	194.4	165.3	261.2	293.1	301.5	605.0	680.3	614.1
14.	Inventories to sales	11.2	12.7	13.5	34.6	32.8	35.9	11.3	12.8	11.8
15.	Sundry debtors to sales	7.7	8.1	9.4	26.8	26.5	29.5	15.0	18.0	14.0
16.	Exports to sales	10.2	10.5	13.4	1.5	0.9	0.9	16.8	19.2	19.2
17.	Gross value added to gross fixed assets	39.2	34.3	24.5	72.1	83.5	84.1	50.0	63.7	58.6
18.	Raw materials consumed to value of production	68.5	68.5	70.3	35.4	31.7	31.9	87.7	86.5	86.3
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		53.2	47.1		15.9	18.7		12.1	30.5
20.	Gross capital formation to total uses of funds		65.7	53.8		40.2	48.1		38.9	34.3
21.	External sources of funds to total sources of funds		58.6	76.4		83.8	83.4		79.5	84.0
22.	Increase in bank borrowings to
	total external sources		25.9	32.2		24.9	42.7		40.8	27.1
23.	Gross savings to gross capital formation		60.8	53.3		47.3	35.7		56.7	69.7
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	14.1	11.4	6.4	8.4	9.5	7.5	6.4	7.1	6.3
25.	Gross profits to sales	10.6	9.8	6.6	12.5	13.3	10.7	5.1	5.5	4.9
26.	Profits after tax to net worth	21.5	19.2	11.0	13.4	13.6	9.8	8.0	9.1	6.2
27.	Tax provision to profits before tax **	29.3	25.8	24.5	28.0	27.5	26.7	27.6	26.5	26.8
28.	Profits retained to profits after tax **	76.1	77.4	76.3	88.8	90.5	91.1	74.1	83.9	82.9
29.	Dividends to net worth	5.1	4.3	2.8	1.4	1.3	1.1	2.2	1.6	1.5
30.	Ordinary dividends to ordinary paid-up capital	51.2	51.2	37.4	12.7	12.3	10.9	4.5	3.9	3.8

Statement 12: Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 Contd.)
(Per cent)
Industry/Industry group		Hotels and Restaurants			Transport, Storage and Communications			Real Estate Activities
Item		(53)			(120)			(51)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		83	84	85	86	87	88	89	90	91
A.	Capital structure ratios
1.	Net fixed assets to net total assets	62.8	64.1	64.5	52.2	47.5	40.2	8.6	7.9	8.4
2.	Net worth to net total assets	47.0	46.8	49.4	41.0	39.6	44.2	22.8	40.6	42.2
3.	Debt to equity	65.4	64.5	64.7	57.5	57.2	52.7	125.2	60.0	63.8
4.	Debt to equity (equity adjusted for revaluation reserve)	70.6	68.6	76.9	58.4	59.2	53.5	127.6	60.3	64.0
5.	Short term bank borrowings to inventories	289.3	316.7	251.3	#	#	#	13.3	13.6	10.6
6.	Total outside liabilities to net worth	112.6	113.8	102.5	144.1	152.5	126.4	337.9	146.2	136.7
B.	Liquidity ratios
7.	Current assets to current liabilities *	1.3	1.1	1.2	0.8	0.8	1.0	1.6	2.3	2.5
8.	Quick assets to current liabilities	50.6	55.9	40.0	30.7	32.4	45.9	23.5	33.6	27.0
9.	Current assets to net total assets	28.4	25.9	21.8	29.3	29.7	32.2	75.5	79.0	75.5
10.	Sundry creditors to current assets	15.1	14.5	16.3	41.2	36.5	27.2	7.4	5.9	7.0
11.	Sundry creditors to net working capital	68.2	128.1	108.8	#	#	#	20.8	10.6	11.8
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	39.4	38.8	27.8	46.3	43.3	37.4	24.9	24.5	13.4
13.	Sales to gross fixed assets	49.2	48.5	35.4	66.5	69.1	69.1	261.5	285.0	144.5
14.	Inventories to sales	3.2	3.1	3.9	1.5	1.2	1.2	142.0	135.7	268.9
15.	Sundry debtors to sales	11.7	13.2	13.9	10.5	11.7	10.9	22.1	27.0	39.7
16.	Exports to sales	1.3	1.1	1.3	0.1	0.3	0.4	1.2	0.9	1.6
17.	Gross value added to gross fixed assets	29.1	28.3	19.5	21.3	25.2	22.0	127.1	145.1	78.4
18.	Raw materials consumed to value of production	4.0	4.0	2.5	3.3	0.8	0.9	27.3	16.9	15.2
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		70.5	59.1		43.5	29.5		7.4	16.3
20.	Gross capital formation to total uses of funds		71.7	60.0		43.6	29.7		37.9	81.3
21.	External sources of funds to total sources of funds		57.5	71.8		78.5	63.2		80.5	52.5
22.	Increase in bank borrowings to total external sources		11.4	30.3		35.6	19.9		14.0	61.5
23.	Gross savings to gross capital formation		59.4	45.9		74.1	82.7		45.9	72.9
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	14.5	14.5	8.0	6.1	7.8	4.6	12.0	12.7	8.4
25.	Gross profits to sales	36.8	37.3	28.9	13.3	18.1	12.3	48.3	51.7	62.7
26.	Profits after tax to net worth	17.1	16.6	8.7	10.6	8.4	7.8	34.4	22.9	11.8
27.	Tax provision to profits before tax **	31.5	34.5	34.0	11.7	15.1	12.0	24.2	20.9	16.6
28.	Profits retained to profits after tax **	76.1	74.3	73.5	93.7	91.7	93.1	82.7	84.7	90.2
29.	Dividends to net worth	4.1	4.3	2.4	1.0	0.9	0.8	5.8	3.5	1.2
30.	Ordinary dividends to ordinary paid-up capital	28.1	31.4	22.0	3.7	4.0	5.3	30.9	44.8	15.8

Statement 12: Select Financial Ratios of the Select 3,192 Public Limited Companies, Industry-wise, 2006-07 to 2008-09 (Concld.)
(Per cent)
Industry/Industry group		Computer and Related Activities			All Industries
Item		(141)			(3192)
Item		2006-07	2007-08	2008-09	2006-07	2007-08	2008-09
1		92	93	94	95	96	97
A.	Capital structure ratios
1.	Net fixed assets to net total assets	19.2	18.8	19.4	39.5	37.6	37.7
2.	Net worth to net total assets	72.6	67.4	64.6	42.3	43.3	42.5
3.	Debt to equity	5.8	11.2	12.6	47.0	42.8	43.6
4.	Debt to equity (equity adjusted for revaluation reserve)	5.8	11.3	12.6	48.7	44.0	45.1
5.	Short term bank borrowings to inventories	273.2	448.9	562.7	69.5	76.7	95.7
6.	Total outside liabilities to net worth	37.7	48.3	54.7	136.4	131.0	135.0
B.	Liquidity ratios
7.	Current assets to current liabilities *	2.4	2.2	2.1	1.3	1.3	1.2
8.	Quick assets to current liabilities	189.1	157.1	148.5	57.3	52.7	49.4
9.	Current assets to net total assets	55.7	54.6	55.5	48.0	47.9	44.9
10.	Sundry creditors to current assets	11.3	11.5	12.1	25.6	24.3	24.5
11.	Sundry creditors to net working capital	19.1	20.8	23.4	115.3	114.8	175.2
C.	Assets utilisation and turnover ratios
12.	Sales to net total assets	89.5	81.6	83.3	77.6	71.6	66.5
13.	Sales to gross fixed assets	295.1	282.1	280.3	132.7	131.7	124.4
14.	Inventories to sales	0.9	1.2	1.1	17.2	18.8	18.8
15.	Sundry debtors to sales	24.3	25.1	24.5	14.8	15.5	15.4
16.	Exports to sales	2.4	2.3	2.2	18.5	18.3	18.5
17.	Gross value added to gross fixed assets	205.2	196.0	187.4	34.2	35.5	29.7
18.	Raw materials consumed to value of production	7.6	8.8	8.1	51.6	51.0	51.3
D.	Sources and uses of funds ratios @
19.	Gross fixed assets formation to total uses of funds		23.7	30.8		37.3	40.3
20.	Gross capital formation to total uses of funds		25.1	31.2		50.4	48.4
21.	External sources of funds to total sources of funds		46.4	51.6		64.5	68.4
22.	Increase in bank borrowings to total external sources		23.3	20.0		32.0	34.1
23.	Gross savings to gross capital formation		189.8	233.5		68.6	67.3
E.	Profitability and profit allocation ratios
24.	Gross profits to net total assets	21.8	19.7	18.1	11.6	11.5	8.4
25.	Gross profits to sales	24.4	24.1	21.7	14.9	16.0	12.6
26.	Profits after tax to net worth	25.5	24.7	22.6	18.2	17.2	11.8
27.	Tax provision to profits before tax **	13.7	19.2	18.1	23.2	23.4	22.3
28.	Profits retained to profits after tax **	73.8	69.7	76.8	80.4	80.4	81.2
29.	Dividends to net worth	6.7	7.5	5.5	3.8	3.5	2.6
30.	Ordinary dividends to ordinary paid-up capital	82.4	102.3	83.1	24.6	28.8	25.4
Notes: 1. Figures in brackets below the industry name represent the number of companies in the industry. 2. For footnotes, please refer to statement 7.

Appendix
Explanatory notes to various statements

• Internal Sources: These are own sources comprising Capitalised reserves, Retained Profits, Depreciation Provision and other provisions.

• External Sources: These are other than own sources comprising funds raised from capital markets, borrowed funds, trade dues and other current liabilities and miscellaneous non-current liabilities.

• The growth rates of all the items and data on sources and uses of funds are adjusted for changes due to amalgamation of companies. These are also adjusted for revaluation, etc., wherever necessary.

• Due to rounding off of figures, the constituent items may not add up to the totals.

• Sales are net of ‘rebates and discounts’ and ‘excise duty and cess’.

• Manufacturing expenses comprise (a) raw materials, components, etc. consumed, (b) stores and spares consumed, (c) power and fuel and (d) other manufacturing expenses.

• ‘Raw materials, components, etc., consumed’ includes purchase of traded goods in the case of trading companies and consumption of stores and provisions for hotels, restaurants and eating houses.

• ‘Other manufacturing expenses’ include expenses like construction expenses of construction companies, operating expenses of shipping companies, etc.

• Remuneration to employees comprises (a) salaries, wages and bonus, (b) provident fund and (c) employees’ welfare expenses.

• Non-operating surplus/deficit comprises (a) profit/loss on account of (i) sale of fixed assets, investments, etc., and (ii) revaluation/devaluation of foreign currencies, (b) provisions no longer required written back, (c) insurance claims realised and (d) income or expenditure relating to the previous years and such other items of noncurrent nature.

• Gross profits are net of depreciation provision but before interest.

• Gross saving is measured as the sum of retained profits and depreciation provision.

• Gross value added comprises (a) net value added and (b) depreciation provision.

• Net value added comprises (a) salaries, wages and bonus, (b) provident fund, (c) employees’ welfare expenses, (d) managerial remuneration, (e) rent paid net of rent received, (f) interest paid net of interest received, (g) tax provision, (h) dividends paid net of dividends received and (i) retained profits net of non-operating surplus/ deficit.

• Debt comprises (a) all borrowings from Govt. and semi-Govt. bodies, financial institutions other than banks, and from foreign institutional agencies,

(b) borrowings from banks against mortgages and other long term securities, (c) borrowings from companies and others against
mortgages and other long term securities, (d) debentures, deferred payment liabilities and public deposits.

• Equity or Net worth comprises (a) paidup capital, (b) forfeited shares and (c) all reserves and surplus.

• Current assets comprise (a) inventories, (b) loans and advances and other debtor balances, (c) book value of quoted investments, (d) cash and bank balances and (e) advance of income-tax in excess of tax provision.

• Current liabilities comprise (a) shortterm borrowings from banks, (b) unsecured loans and other short-term borrowings from companies and others, (c) trade dues and other current liabilities and (d) tax provision in excess of advance of income-tax and other current provisions.

• Quick assets comprise (a) sundry debtors, (b) book value of quoted investments and (c) cash and bank balances.

• Capital reserves include profits on sale of investments and fixed assets.

• Other reserves include profits retained in the form of various specific reserves and profit/loss carried to balance sheet.

• Debentures include privately placed debentures with financial institutions.

Industry Classification

• Construction: Construction activity as per the International Standard Industrial Classification (ISIC) adopted in the System of National Accounts (SNA) covers contract construction by general builders, civil engineering contractors and special trade contractors. In addition to these contractual activities, in India, own account construction is also included for the purpose of estimating domestic product, due to the problem of availability of data separately. Thus construction industry includes companies engaged in all activities connected with site preparation, alteration, addition, repair and maintenance, construction and maintenance of infrastructures (viz. roads, bridges, rail beds etc.) and infrastructure projects, industrial plants and building installations and such other activities.

• Real estate: Real estate activity means (i) developing real estate and (ii) other services in relation to real estate. This includes companies engaged in buying, selling, renting and operating of selfowned or leased real estate (viz. apartment building and dwellings, nonresidential buildings etc.), developing and subdividing real estate, developing and sale of land and cemetery lots, operating of apartment hotels and residential mobile home sites etc.

^*Prepared in the Company Finances Division of the Department of Statistics and Information Management. Reference may be made to the August 2009 issue of the Reserve Bank of India Bulletin for the previous study, which covered 3,114 non-government non-financial public limited companies during 2007-08. In the present study, 1,005 new companies have been covered in addition to the 2,187 companies common with the previous study. Out of 3,192 companies, 1,468 companies’ data were procured from Centre for Monitoring Indian Economy (CMIE). The select 3,192 companies accounted for 35.8 per cent of total paidup capital (provisional estimate supplied by Ministry of Corporate Affairs, GoI) of all non-government non-financial public limited companies as on March 31, 2009 compared to 28.1 per cent in the previous study.

¹In case of the companies which either extended or shortened their accounting year, their income, expenditure and appropriation account figures have been annualised. The balance sheet data, however, have been retained as presented in the annual accounts of the companies. The analysis of financial performance of the select companies is subject to these limitations.

²Source : RBI Annual Report 2008-09 (Appendix Table 41)

³Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.

⁴‘The total earnings in foreign currencies’ comprise earning out of Export of goods (f.o.b. basis), Royalty, Technical know-how, Professional and consulting fees, interest, dividend, commission and others.

⁵* Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.

⁶, ⁷Calculated based on companies which made profit in all the three years during 2006-07 to 2008-09.